Mr. Robert signed a 120 day, 10% note with First Federal State Bank for $12,000 on August 5th. What will be the maturity date of the note? December 3rd December 4th November 30th December 2nd

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Answer:

The maturity date of the note is: December 3rd.

Step-by-step explanation:

From August 5th to December 3rd there are exactly 120 days.

From Augusth 5th to September 4th:   30 Days (This month has 31 days)

From September 4th to October 4th:     30 Days

From October 4th to November 3rd:     30 Days (This month has 31 days)

From November 3rd to December 3rd: 30 Days

                                                            Total: 120 days.

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