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A promissory note has a face value of $6000 and it has a date of issue of June 1 this year. The term is for 6 months. The rate of interest is 8.00%. What is the maturity value of the note? a $6242.60 b $6246.60 c $6200.60 d $6248.60 e $6244.60

A promissory note has a face value of $6000 and it has a date of issue of June 1 this year. The term is for 6 months. The rate of interest is 8.00%. What is the maturity value of the note? a $6242.60 b $6246.60 c $6200.60 d $6248.60 e $6244.60

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A promissory note has a face value of $6000 and it has a date of issue of June 1 this year. The term is for 6 months. The rate of interest is 8.00%. What is the maturity value of the note? a $6242.60 b $6246.60 c $6200.60 d $6248.60 e $6244.60
Transcribed Image Text:A promissory note has a face value of $6000 and it has a date of issue of June 1 this year. The term is for 6 months. The rate of interest is 8.00%. What is the maturity value of the note? a $6242.60 b $6246.60 c $6200.60 d $6248.60 e $6244.60
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