Multiple Choice
How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year?
A) $300
B) $450
C) $900
D) $1,800 20,000 x 60/360 x 9% = $300.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q54: Compute the amount of interest owed on
Q61: The amount of cash paid at maturity
Q62: On October 10, 2011, the Berkeley Company
Q62: A 3-month note payable is classified as
Q63: On July 5, 2011, the Cowens Company
Q67: A firm purchased equipment for $6,000 on
Q70: The Woo Corporation had the following transactions
Q71: The Interest Income account<br>A) usually has a
Q71: Find the due date of a 30-day
Q94: Which of the following statements is not