posted by Taylor on .
Find the maturity value of the undiscounted promissory note that states that Phillip Esterey borrowed $4,000 for a period of 7 months with ordinary interest at 7%. The date of the note was December 17, 2008. The maturity date was July 17.
P = Po + Po*r*t
P = 4000 + 4000*(0.07/12)*7 = $4163.33