The interest on a $50,000 note at 12% for 60 days is:

Name: The interest on a $50,000 note at 12% for 60 days is:
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Question

Quizplus · Accepted Answer

The interest on a $50,000 note at 12% for 60 days can be calculated using the simple interest formula:

Interest = Principal x Rate x Time

Here, Principal = $50,000, Rate = 12% per year (or 0.12/365 per day), and Time = 60/365 years (or 60 days).

Plugging in the values, we get:

Interest = $50,000 x 0.12/365 x 60/365 = $986.30

Therefore, the answer is B.

The Interest on a $50,000 Note at 12% for 60