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11 November, 00:11

Sylvestor Systems borrows $107,000 cash on May 15 by signing a 60-day, 6%, $107,000 note.

On what date does this note mature?

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  1. 11 November, 03:45
    0
    14th July

    Explanation:

    The computation of the maturing date of the note is calculated below:

    The Sylvestor Systems borrows the amount of $107,000 on May 15 at a 6% interest rate and the mature days of the note are 60 days

    So, the maturity date would be

    = 16 days in May month + 30 days in June month 14 days in July month

    Therefore, the note is matured on 14th July

    We simply calculated the 60 days from May to July months
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