Question
Soren Enterprises lends Alistair Corporation $90,000 in cash on October 1, 2012, accepting a 6-month, 8% (annual) interest note. Alistair will repay the principal and
Soren Enterprises lends Alistair Corporation $90,000 in cash on October 1, 2012, accepting a 6-month, 8% (annual) interest note. Alistair will repay the principal and all interest at the maturity date of the note.
Number of Days in Each Month:
January: 31
February: 28 (for the purposes of this class)
March: 31
April: 30
May: 31
June: 30
July: 31
August: 31
September: 30
October: 31
November: 30
December: 31
What is the maturity date of the note?
| March 2, 2013 | ||
| March 1, 2013 | ||
| None of the answer choices given | ||
| May 2, 2013 | ||
| April 2, 2013 | ||
| April 1, 2013 | ||
| May 1, 2013 |
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Auditing A Risk Based-Approach
Authors: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
11th Edition
1337619455, 1337619450, 9781337670203 , 978-1337619455
