The interest charged on a $350,000 note payable, at the rate of 6%, on a 60-day note would be
A)$21,000.
B)$10,500.
C)$5,250.
D)$3,500.

Name: The interest charged on a $350,000 note payable, at the rate of 6%, on a 60-day note would be A)$21,000. B)$10,500. C)$5,250. D)$3,500.
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Quizplus · Accepted Answer

The interest for a 60-day note is calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = $350,000, Rate = 6% per annum, and Time = 60/365 years. So, Interest = $350,000 x 0.06 x (60/365) = $3,500.

The Interest Charged on a $350,000 Note Payable, at the Rate