The interest charged on a $50000 note payable at the rate of 6% on a 60-day note would be
A) $3000.
B) $1667.
C) $750.
D) $500.

Name: The interest charged on a $50000 note payable at the rate of 6% on a 60-day note would be A) $3000. B) $1667. C) $750. D) $500.
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Quizplus · Accepted Answer

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

The Interest Charged on a $50000 Note Payable at the Rate