How to Find the Maturity Value?

Question

Sneakers Snack Shop signed a $30,000, 90 day, 8% interest-bearing note on August 1, 2009. Using a 360-day year, what is the maturity value of the note?

Answer 1

Principal - 30,000

interest - .08

Time - 90 / 360

Use Principal x Interest on note x Time

30,000 x .08 x 90/360 = 600

30000

+

600 =

30,600