What is the total amount to be paid when the note matures ?? A $6,000 note payable was signed on March 1, 2017,and is due on September 30, 2018. Interest is chargedat 6% per year and is payable upon maturity.What is the total amount to be paid when the notematures?a. $6,570b. $6,180c. $6,270d. $6,000

Interest=Principal ×Rate× Time where:Principal (P) = $6,000Annual Interest Rate (r) = 6% = 0.06Time…

Answered: A $6,000 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 $6,000 note payable was signed on March 1, 2017, and is due on September 30, 2018. Interest is charged at 6% per year and is payable upon maturity. What is the total amount to be paid when the note matures? a. $6,570 b. $6,180 c. $6,270 d. $6,000