DeNova Real Estate signed a four-month note payable in the amount of $8,000 on September 1. The note requires interest at an annual rate of 6%. The amount of interest to be accrued at the end of September is:

Name: DeNova Real Estate signed a four-month note payable in the amount of $8,000 on September 1. The note requires interest at an annual rate of 6%. The amount of interest to be accrued at the end of September is:
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Question

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The interest for one month is calculated as: $8,000 * 6% * (1/12) = $40.

DeNova Real Estate Signed a Four-Month Note Payable in the Amount