Please provide answer this financial accounting question not use ai Reliable Credit Union accepts a promissory note for $8,500from a customer on October 1, to be repaid in nine monthsplus 5.5% interest.What is the maturity value of the note?

Step 1: Definition of Maturity ValueMaturity value refers to the total amount due at the end of a…

Answered: Reliable Credit Union accepts a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Similar questions

Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
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Reliable Credit Union accepts a promissory note for $8,500 from a customer on October 1, to be repaid in nine months plus 5.5% interest. What is the maturity value of the note?