A 60-day, 12% note for $11,000, dated May 15, is received from a customer. The principal amount of the note is:

Name: A 60-day, 12% note for $11,000, dated May 15, is received from a customer. The principal amount of the note is:
Brand: Quizplus
Rating: 5.0 (41 reviews)

Question

Quizplus · Accepted Answer

The principal amount of a note refers to the original amount of money loaned or borrowed, excluding any interest or fees. In this case, the principal amount is explicitly stated as $11,000.

A 60-Day, 12% Note for $11,000, Dated May 15, Is