Question

A 90-day note issued on April 10 matures on:

A) July 11.
B) Jul 10.
C) July 13.
D) July 12.
E) July 9.

Answer 1

The maturity date of a 90-day note issued on April 10 is calculated by adding 90 days to the issuing date, which leads to the date of July 9.

Step-by-step explanation:

The question involves calculating the maturity date of a 90-day note issued on a specific date. In this scenario, the note is issued on April 10. To determine the maturity date, you would need to add 90 days to April 10.

April has 30 days, so counting from April 10, there are 20 days remaining in April. May and June both have 31 days, and by adding those together with the remaining days in April, we get 20 (April) + 31 (May) + 30 (June) = 81 days. Thus, we need 9 more days into July to reach a total of 90 days.

Since July starts right after June 30, we count 9 more days from July 1, which lands us on July 9. Therefore, the correct answer for the maturity date of the note is July 9.