Need business and fiannce help: What is the due date and maturity value of the following?

timer Asked: Dec 7th, 2015
account_balance_wallet $5

Question Description

What is the Date due and Maturity value of the following Date made Jan 8, Face value $12,000, Term of loan 120 days, Simple interest rate 9%

Tutor Answer

School: Boston College

Thank you for the opportunity to help you with your question!

maturity value = face value + ( face value * time * rate)

= 12000 + 12000* 0.09 * 120/360

= 12000+ 360

= 12360

date due = April 8th

Please let me know if you need any clarification. I'm always happy to answer your questions.

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