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What date will the cash be received

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Problem 1: On August 16, 2020, ABC writes a 90-day, 7.5%, $55,000 note to settle an open account with XYZ. Assuming that ABC pays the note in full on its due date and a 360 day year is used to calculate interest, how much cash will XYZ record on its statement of financial position, and on what date will the cash be received?

Option 1: $1.031.25 on Nov. 15. 2020.

Option 2: $10.312.5 on Oct. 15. 2020.

Option 3: $510.312.5 on Nov. 15. 2020.

Option 4: $1.031.25 on Oct. 15. 2020.

Reference no: EM132617932

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