The interest charged on a $250,000 note payable, at the rate of 6%, on a 60-day note would be
A) $15,000.
B) $7,500.
C) $3,750.
D) $2,500.

Name: The interest charged on a $250,000 note payable, at the rate of 6%, on a 60-day note would be A) $15,000. B) $7,500. C) $3,750. D) $2,500.
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Quizplus · Accepted Answer

The interest is calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = $250,000, Rate = 6% per annum, and Time = 60/365 years. So, Interest = $250,000 x 0.06 x (60/365) = $2,500.

The Interest Charged on a $250,000 Note Payable, at the Rate