Final answer:
To calculate the maturity value of the note, find the interest using the formula I = PRT and add it to the principal. The maturity value is $10,541.50.
Step-by-step explanation:
The maturity value of a promissory note is the total amount that will be paid to the lender at the end of the term, which includes both the principal borrowed and the interest accrued. To calculate the maturity value, you need to determine the amount of interest and add it to the principal amount of the note.
Here's how to calculate the interest: I = PRT where I is the interest, P is the principal amount (which is $10,000), R is the annual interest rate (expressed as a decimal, so 11% becomes 0.11), and T is the time in years. Since the note is for 180 days, we need to convert this time to years by dividing by 365 days.
T = 180 / 365 which is approximately 0.493. Thus, I = $10,000 × 0.11 × 0.493 = $541.50.
Adding the interest to the principal gives us the maturity value: $10,000 + $541.50 = $10,541.50.