The interest on a $5,000, 10%, 1-year note receivable is

Name: The interest on a $5,000, 10%, 1-year note receivable is
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Question

Quizplus · Accepted Answer

To calculate the interest on a note receivable, we use the formula Interest = Principal x Rate x Time. In this case, the principal is $5,000, the rate is 10%, and the time is one year. Plugging these values into the formula, we get:
Interest = $5,000 x 0.10 x 1
Interest = $500
Therefore, the correct answer is B: $500.

The Interest on a $5,000, 10%, 1-Year Note Receivable Is