How much interest will accrue on a $20,000 face value,60-day note that bears interest at 9 percent a year?
A) $300
B) $450
C) $900
D) $1,800

Name: How much interest will accrue on a $20,000 face value,60-day note that bears interest at 9 percent a year? A) $300 B) $450 C) $900 D) $1,800
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Quizplus · Accepted Answer

The interest can be calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = $20,000, Rate = 9% per annum, and Time = 60/365 years. So, Interest = $20,000 x 0.09 x (60/365) = $300.

How Much Interest Will Accrue on a $20,000 Face Value,60-Day