When a note payable is exchanged for property,goods,or services,the stated interest rate is presumed to be appropriate unless
A)No interest rate is stated
B)The stated interest rate is unreasonable.
C)The stated face amount of the note is materially different from the current cash sales price for similar items or from current fair value of the note
D)All of these answers are correct

Question

Quizplus · Accepted Answer

The stated interest rate is presumed appropriate unless no interest rate is stated, the stated interest rate is unreasonable, or the stated face amount of the note is materially different from the current cash sales price or fair value.

When a Note Payable Is Exchanged for Property,goods,or Services,the Stated