The interest charged on a ¥150,000,000 note payable, at the rate of 8%, on a 90-day note would be
A) ¥12,000,000.
B) ¥6,666,000.
C) ¥3,000,000.
D) ¥1,000,000.

Question

Quizplus · Accepted Answer

The interest is calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = ¥150,000,000, Rate = 8% or 0.08, and Time = 90/365 (since it's a 90-day note). Therefore, Interest = ¥150,000,000 x 0.08 x (90/365) = ¥3,000,000.

The Interest Charged on a ¥150,000,000 Note Payable, at the Rate