On july 7, smithview bank lent $430,000 to andrews retail shop on a 90 day, 6% note. what is the maturity date of the note?

a. october 7

b. october 6

c. october 5

d. october 8

B. There are 24 days remaining in July (31 - 7); 31 days in August; 30 days in September; and 5 days in October (24 + 31 + 30 + 5 = 90 days).

The days are not only based on estimation but on Accurate number of days in each month. Since it is written in july 7 then its maturity will be on october 5