On November 1, Fisher and Sons Music Center loaned a customer $17,000 at a 2% annual interest rate for six months. What is the interest receivable on the note at December 31? (Do not round intermediary calculations. Only round your final answer to the nearest dollar.)
A) $28
B) $57
C) $113
D) $340

Question

Quizplus · Accepted Answer

The interest for two months (November and December) is calculated as $17,000 * 2% * (2/12) = $56.67, which rounds to $57.

On November 1, Fisher and Sons Music Center Loaned a Customer