Answer: $450
Explanation:
A Promissory note is a type of notes which carry a fixed interest rate. In a Promissory note, the issuer of the note has made a promises to pay a fixed amount with interest on the maturity date to the payee.
Answer and Explanation:
Face value of the promissory note = $10,000
Maturity period = 180 days
Interest rate = 9%
Interest payable on maturity = $10,000 × 9% × 180/360
= 10,000 × 0.09 × 0.5
= $450
The total interest due on the maturity date is $450.
