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The amount due on the date of maturity for a $6,000, 60-day, 8%, note receivable is: a

Accounting Mar 25, 2021

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

Expert Solution

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

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