In calculating interest on a note, it is necessary to take which of the following factors into consideration?
A) the principal
B) the maker
C) the payee
D) the bank

Question

Quizplus · Accepted Answer

The principal amount is the amount of money borrowed or lent, and the interest is calculated based on this amount. The other options (maker, payee, bank) do not directly affect the calculation of interest.

In Calculating Interest on a Note, It Is Necessary to Take