40 Chapter 1 Simple Interest
- Serena signed a promissory note on April 1, 2007. The maturity date was June 19, 2007. How many days did she have
from when she borrowed the money until she had to repay the loan?
C. Finding Loan and Maturity Dates within a Calendar Year
- Enrique signed a 200-day promissory note dated May 6, 2005. When did the note mature?
- Infodynamic Industries International Inc. signed a 75-day note on January 19, 2007. Find the maturity date.
- To cover the expense of needed roof repairs, Second Congregational Church of Waterport took out a 100-day loan,
which matured on August 25, 2005. When was the note signed? - Find the date of a 45-day note that matures on October 29, 2009.
D. Finding Terms Crossing Multiple Calendar Years
- Find the term of a note dated April 7, 2005 that matures on December 1, 2007.
- Elwood National Bank made a loan to a local business, for which the bank obtained a promissory note dated November 18,
2005, maturing on March 10, 2006. What is the term of this note? - Geoff’s parents loaned him $2,000 on October 15, 2006. He agreed to pay them back on March 31, 2007. How long
does he have to repay the loan? - As part of a negotiated relocation package, Garage Management Systems Inc. agreed to make an interest-free loan to
one of its executives on April 15, 2006. The loan must be repaid by December 31, 2007. How long does she have to
repay the loan?
E. Finding Loan and Maturity Dates Crossing Multiple Calendar Years
- On May 4, 2001, Karenna took out a 500-day certifi cate of deposit at her credit union. When did the CD mature?
- If I borrowed $5,000 for 80 days on November 28, 2006, when would I have had to repay the loan?
- Nakamura Signs had a 240-day note come due on April 13, 2007. When was the note signed?
- The records of the Pumpkin Hook Federal Credit Union show that a 525-day note will be coming due on February 14,
2009. When was the note signed?