A company receives a 5%, 90-day note for $4,800. The total interest due on the maturity date is:$80.00. Option C
Generally, The total interest % is computed by adding up all of the planned interest payments, then dividing the total by the loan amount to obtain a percentage.
The estimate assumes that you will make all your payments as planned. The estimate also implies that you would maintain the loan for the whole loan duration.
To find the total interest due on the maturity date, you need to calculate the interest on the note using the following formula:
interest = principal * rate * days / 365
In this case, the principal is $4,800, the rate is 5%, and the number of days is 90. Plugging these values into the formula, we get:
interest = 4,800 * 5% * 90 / 365 = $80.00
Therefore, the correct answer is C) $80.00.
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