Provide correct answer A $4,500 note payable was signed on January 15, 2018,and is due on July 15, 2019. Interest is charged at 4.5%per year and is payable upon maturity.What is the total amount to be paid when the notematures?a. $4,803.75b. $4,713.75c. $4,662.50d. $4,500

Step 1: Definition of Maturity ValueMaturity Value refers to the total amount that must be paid at…

Answered: A $4,500 note payable was signed on…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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A $4,500 note payable was signed on January 15, 2018, and is due on July 15, 2019. Interest is charged at 4.5% per year and is payable upon maturity. What is the total amount to be paid when the note matures? a. $4,803.75 b. $4,713.75 c. $4,662.50 d. $4,500