Final answer:
The interest due at maturity for a 9-month, 8%, $20,000 note payable is $1,200, calculated by prorating the annual interest for the 9-month term.
Step-by-step explanation:
To calculate the interest due at maturity for a 9-month, 8%, $20,000 note payable, you first need to determine the annual interest by multiplying the principal ($20,000) by the interest rate (8%).
This gives you $1,600 as the annual interest. However, since interest is only needed for 9 months, you must then convert the annual interest to a 9-month period. To do this, divide the 9 months by 12 months to find the fraction of the year that the interest is being calculated for, which is ⅔ or 0.75. Multiply the annual interest ($1,600) by 0.75 to get the amount of interest due at maturity for the 9-month period, which is $1,200.