On July 7, University Bank lent $530,000 to Jazz Music Shop on a 60 day, 7% note. What is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar.)
A) $530,000
B) $567,100
C) $536,099
D) $536,183
D) $536,183
Explanation: Maturity value = Principal + Interest
Maturity value = $530,000 + $6183 ($530,000 × 0.07 × 60 / 360)
Maturity value = $536,183
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