Find the maturity value of the undiscounted promissory note that states that Phillip Esterey borrowed $8,000 for a period of 8 months with ordinary interest at 10%. The date of the note was August 1, 2008. The maturity date was April 1.

Answer 1

V = Vo + Vo*r*t
V = 8000 + 8000*(0.10/360)*240 = $8,533.33