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2 February, 07:41

Mr. Robert signed a 120 day, 10% note with First Federal State Bank for $12,000 on August 5th. What will be the maturity date of the note? December 3rd December 4th November 30th December 2nd

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  1. 2 February, 08:06
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    The maturity date of the note is: December 3rd.

    Step-by-step explanation:

    From August 5th to December 3rd there are exactly 120 days.

    From Augusth 5th to September 4th: 30 Days (This month has 31 days)

    From September 4th to October 4th: 30 Days

    From October 4th to November 3rd: 30 Days (This month has 31 days)

    From November 3rd to December 3rd: 30 Days

    Total: 120 days.
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