When calculating interest on a promissory note of less than one year, with the maturity date stated in terms of days, the
A)maker pays more interest if 365 days are used instead of 360.
B)maker pays the same interest regardless if 365 or 360 days are used.
C)payee receives more interest if 360 days are used instead of 365.
D)payee receives less interest if 360 days are used instead of 365.

Question

Quizplus · Accepted Answer

The Answer of When calculating interest on a promissory note of less than one year, with the maturity date stated in terms of days, the
A)maker pays more interest if 365 days are used instead of 360.
B)maker pays the same interest regardless if 365 or 360 days are used.
C)payee receives more interest if 360 days are used instead of 365.
D)payee receives less interest if 360 days are used instead of 365.

When Calculating Interest on a Promissory Note of Less Than