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Using a 360-Day Year,the Maturity Value of a 60-Day Note

Question 36

Multiple Choice

Using a 360-day year,the maturity value of a 60-day note for $1,500 at 7% annual interest is (rounded to the nearest cent) :

A) $1,605.00.
B) $1,482.50.
C) $1,517.50.
D) $17.50.

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