Interest due on a $26,000, 11%, 2.5-year note is: (Do not round any intermediate calculations. Round your final answer to the nearest dollar.)
A) $2,860.
B) $33,150.
C) $7,150.
D) $26,000.

Question

Quizplus · Accepted Answer

The interest on the note can be calculated using the formula: Interest = Principal × Rate × Time. Here, Principal = $26,000, Rate = 11% or 0.11, and Time = 2.5 years. So, Interest = $26,000 × 0.11 × 2.5 = $7,150.

Interest Due on a $26,000, 11%, 2