Final answer:
A note is a loan with specific terms. The face value of a note is the worth at maturity and is stated on the note. In the case of a 60-day, 12% note for $7,000, the face value is $7,000.
Step-by-step explanation:
In the field of finance and business, a note is an instrument that represents a loan made from one party to another. The terms of the note, such as the interest rate, the term (or length) of the loan, and the principal (or loan amount), are specified in the note. In this case, the question refers to a 60-day, 12% note for $7,000. The face value of a note is the amount that the note will be worth at its maturity, and it is also the value stated on the face of the note. Therefore, in this scenario, the face value of the note is $7,000.
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