A 60-day, 9% note for $10,000, dated may 1, is received from a customer on account. the maturity value of the note is

Given:

60-day, 9% note for 10,000

The maturity value is: 10,150

10,000 x 9% x 60/360 = 150 interest

10,000 + 150 = 10,150

The 9% is the annual interest on the note.

60-day is the term of the note.

The note will mature at the end of July or on August 1st.