The interest on a $32,000 note at 9% for three months is:
A)$1,440.
B)$720.
C)$2,880.
D)$710.

Name: The interest on a $32,000 note at 9% for three months is: A)$1,440. B)$720. C)$2,880. D)$710.
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Quizplus · Accepted Answer

The interest can be calculated using the formula I = PRT, where I is the interest, P is the principal amount ($32,000), R is the annual interest rate (9% or 0.09), and T is the time in years (3 months or 0.25 years). Thus, I = $32,000 * 0.09 * 0.25 = $720.

The Interest on a $32,000 Note at 9% for Three