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On July 9, Mifflin Company receives a $7,400, 90-day, 10% note from customer Payton Summers as...

On July 9, Mifflin Company receives a $7,400, 90-day, 10% note from customer Payton Summers as payment on account. Compute the amount due at maturity for the note and interest. (Use 360 days a year.)

  • $7,400

  • $7,523

  • $7,065

  • $7,585

  • $7,540

Solutions

Expert Solution

Answer: $7,585

Explanation:

Interest = $7400 * 10% * 90/360 = $185

Amount due on maturity = $7400+ $185 = $7,585 (Answer)

ekkarill92 answered 2 years ago
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