Question

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?

Answer 1

14th July

Step-by-step 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