Final answer:
The maturity value of a $30,000, 60-day, 9% note, based on a 360-day year, is calculated using the simple interest formula and results in $30,450.
Step-by-step explanation:
The maturity value of a note is calculated by adding the principal amount to the interest earned over the period of the note. The maturity value for a $30,000, 60-day, 9% note, dated May 1 can be calculated using the formula for simple interest:
I = PRT
Where I is the interest, P is the principal, R is the interest rate as a decimal, and T is the time in years. For a 360-day year, we have:
P = $30,000
R = 9% or 0.09
T = 60/360 = 1/6 year
I = $30,000 × 0.09 × 1/6 = $450
Maturity Value = Principal + Interest
Maturity Value = $30,000 + $450 = $30,450
The maturity value of the note is $30,450.