The maturity value of a seven-month promissory note issued


1) When Edgar borrowed $2300, he agreed to repay the loan in two equal payments, to be made 90 days and 135 days from the day the money was borrowed. If interest is 9.25% on the loan, what is the size of the equal payments if a focal date of ‘date of issue' is used? (6

2) What is the future value of a $1200 promissory note if issued on July 18, 2013, at 6.5% for 111 days?

3) Mr. Doss borrowed $15,000 on August 12. He paid $6000 on November 1, $5000 on December 15, and the balance on February 20. The rate of interest on the loan was 10.5%. How much did he pay on February 20th?

4) The maturity value of a seven-month promissory note issued July 31, 2009 is $2219. What is the present value of the note on the date of issue if interest is 9.00%?

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Mathematics: The maturity value of a seven-month promissory note issued
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