Question

Valley Spa purchased $7,800 in plumbing components from Tubman Co. Valley Spa Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note

Answer 1

$7,930

Step-by-step explanation:

Calculation for the amount due on the note

First step

(10%×$7,800×60-day/360 days)

=$130

Now let calculate the amount due on the note

Amount due on the note=$7,800+$130

Amount due on the note=$7,930

Therefore the Amount due on the note If the note is dishonored will be $7,930