On September 4, Nita Darmati signed a $5,350 promissory note to purchase furniture for her home office. The note had a simple interest rate of 8.5% for 120 days. What was the maturity value of the note? Round to the nearest cent. Assume ordinary interest.
The maturity value is the principal value together with interest due. .. mv = P +Prt .. = 5350*(1 +0.085*120/360) . . . . . . year is 360 days for "ordinary interest" .. ≈ 5501.58
