From the following information, determine the maturity date of the loan.
Enter the full name of the month. (E.g., March)
Loan Date Time of Loan (days) Maturity Date
February 5 110
rom the following information, determine the maturity date of the loan.
Enter the full name of the month. (E.g., March)
Loan Date Time of Loan (days) Maturity Date
February 5 110
Date loan was made July 14, Face value $20,400, Term of loan 90 days, Rate 113/4, date loan is due__________, Maturity value___________
To determine the maturity date of the loan, you need to add the number of days indicated in the "Time of Loan" column to the "Loan Date."
In this case, the "Loan Date" is February 5, and the "Time of Loan" is 110 days. To get the maturity date, simply add 110 days to February 5.
To do this, you can count forward in your calendar or use a date calculator. February has 28 days, so you start by subtracting 28 from 110, leaving you with 82 days to add.
March has 31 days, so you subtract 31 days from the remaining 82, leaving you with 51 days to add.
April has 30 days, so you subtract 30 days from the remaining 51, and now there are 21 days left to add.
Finally, you add the remaining 21 days to May 1, which gives you the maturity date of the loan as May 21.
Therefore, the maturity date of the loan is May.