On March 21, Dane Company received a 90-day, 7 percent note in settlement of an account receivable

Question:

On March 21, Dane Company received a 90-day, 7 percent note in settlement of an account receivable in the amount of $30,000. Determine the following:

a. Maturity date

b. Amount of interest on the note

c. Maturity value

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...