Multiple Choice
How much interest will accrue on a $20,000 face value, 120-day note that bears interest at 9 percent a year?
A) $600
B) $900
C) $1,800
D) $3,600 20000 x 120/360 x .09 = 600.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q12: On March 1,a firm purchased equipment for
Q18: When a note receivable is discounted,the net
Q23: Compute the maturity value of a 60-day,7
Q26: If the proceeds of a discounted note
Q45: The total that must be paid when
Q52: A 30-day note dated October 15, would
Q53: The Crown Company had the following transactions
Q55: How much interest will accrue on a
Q56: Compute the amount of interest owed on
Q57: Compute the maturity value of a 6-month,9