Interest on a $6,000 note at 6% for 4 months is $120.

Name: Interest on a $6,000 note at 6% for 4 months is $120.
Brand: Quizplus
Rating: 4.9 (53 reviews)

Question

Quizplus · Accepted Answer

To calculate the interest, we can use the formula: Interest = Principal x Rate x Time, where Principal is $6,000, Rate is 6% (or 0.06 as a decimal), and Time is 4 months (or 4/12 years).

Thus, Interest = $6,000 x 0.06 x 4/12 = $120

Therefore, the statement is true.

Interest on a $6,000 Note at 6% for 4 Months