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Homework answers / question archive / The amount due on the date of maturity for a $6,000, 60-day, 8%, note receivable is: a
The amount due on the date of maturity for a $6,000, 60-day, 8%, note receivable is:
a. $6,000
b. $6,480
c. $5,520
d. $6,080
e. 5,920
Answer:
d .
Step-by-Step explanation
It is required to calculate the amount of note receivable, by using the formula given below:
Note receivable = Amount ?×? Interest rate?×? 60 ?÷? 365 + Principle amount
= $6,000 ?×? 0.08 ?×? 60 ?÷? 365 + 6,000
= $6,080
Hence, after solving the above formula, the amount of note receivable comes out to be $6,080
