Question

Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. 1. On what date does this note mature

Answer 1

29th day of January the following year.

Step-by-step explanation:

The date the loan matures can be determined by adding the number of days or periods that is covered by the term of the note to the initial date of Note Issuance.

This Note is Issued over a term of 90 days (November - 30 days + December - 31days + January - 29 days ).

So on the 29th day of January the following year, the loan matures.