Trust Worthy Bank accepts a promissory note for $6,000 from a customer on November 1, to be repaid in eight months plus 6% interest. The maturity value of the note is: a. $6,240. b. $6,140. c. $6,075. d. $6,000.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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Trust Worthy Bank accepts a promissory
note for $6,000 from a customer on
November 1, to be repaid in eight months
plus 6% interest. The maturity value of the
note is:
a. $6,240.
b. $6,140.
c. $6,075.
d. $6,000.
Transcribed Image Text:Trust Worthy Bank accepts a promissory note for $6,000 from a customer on November 1, to be repaid in eight months plus 6% interest. The maturity value of the note is: a. $6,240. b. $6,140. c. $6,075. d. $6,000.
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