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Determine the maturity value of the note

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Question - The Watertown Bank lent Sandy's Pastry Store $40,000 on a sixty day, 7% note dated June 10th. Use a 365 day year when calculating interest and round all amounts to the nearest dollar. The fiscal year end of the bank is June 30.

1. Determine the due date of the note.

2. Determine the maturity value of the note.

3. Prepare the journal entries made by the bank.

Reference no: EM132094347

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