The interest on a $4,000, 6%, 60-day note receivable is

Name: The interest on a $4,000, 6%, 60-day note receivable is
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The interest is calculated using the formula: Interest = Principal x Rate x Time. Here, the principal is $4,000, the rate is 6% (or 0.06), and the time is 60 days out of 360 days (assuming a 360-day year for simplicity in interest calculations). So, Interest = $4,000 x 0.06 x (60/360) = $40.

The Interest on a $4,000, 6%, 60-Day Note Receivable Is