The interest charged on a $50,000, 60-day note payable, at the rate of 6%, would be
A) $3,000.
B) $1,667.
C) $750.
D) $500.

Name: The interest charged on a $50,000, 60-day note payable, at the rate of 6%, would be A) $3,000. B) $1,667. C) $750. D) $500.
Brand: Quizplus
Rating: 4.9 (46 reviews)

Question

Quizplus · Accepted Answer

The interest is calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = $50,000, Rate = 6% per annum (0.06), and Time = 60/365 years. So, Interest = $50,000 x 0.06 x (60/365) = $500.

The Interest Charged on a $50,000, 60-Day Note Payable, at the Rate