Augusto Diaz borrowed $1,000 and signed a 6-month promissory note at 11% interest. The total amount of interest is $110.00.

Name: Augusto Diaz borrowed $1,000 and signed a 6-month promissory note at 11% interest. The total amount of interest is $110.00.
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Question

Quizplus · Accepted Answer

The total amount of interest for a 6-month period at 11% annual interest on $1,000 would be $55.00, because 11% of $1,000 is $110 for a full year, so for 6 months, it would be half of that.

Augusto Diaz Borrowed $1,000 and Signed a 6-Month Promissory Note