On August 14, First Avenue Bank lent $240,000 to City Cafe on a 75 day, 6% note. What is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar.)
A) $242,959
B) $243,000
C) $240,000
D) $254,400
B .Maturity value = Principal + Interest
Maturity value = $240,000 + $3,000 ($240,000 x 0.06 x 75 / 360 )
Maturity value = $243,000
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