The interest on a $9000 6% 1-year note receivable is
A) $540.
B) $9000.
C) $9054.
D) $9540.

Name: The interest on a $9000 6% 1-year note receivable is A) $540. B) $9000. C) $9054. D) $9540.
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Question

Quizplus · Accepted Answer

To calculate interest on a note receivable, we use the formula: Interest = Principal x Rate x Time. 
So, in this case, Interest = $9000 x 0.06 x 1 year = $540. Therefore, the answer is A, $540.

The Interest on a $9000 6% 1-Year Note Receivable Is