The interest on a $10,000, 6%, 60-day note receivable is
A) $680.
B) $100.
C) $200.
D) $300.

Name: The interest on a $10,000, 6%, 60-day note receivable is A) $680. B) $100. C) $200. D) $300.
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Question

Quizplus · Accepted Answer

The interest on a note is calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = $10,000, Rate = 6% (or 0.06), and Time = 60/360 (since interest is typically calculated on a 360-day year basis). So, Interest = $10,000 x 0.06 x (60/360) = $100.

The Interest on a $10,000, 6%, 60-Day Note Receivable Is