Rockport Quarry signed a four-month, 5%, $9,000 note payable on September 1. The amount of interest to be accrued at the end of September is
A) $150.
B) $450.
C) $112.50.
D) $37.50.

Name: Rockport Quarry signed a four-month, 5%, $9,000 note payable on September 1. The amount of interest to be accrued at the end of September is A) $150. B) $450. C) $112.50. D) $37.50.
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Question

Quizplus · Accepted Answer

The interest for one month is calculated as ($9,000 * 5% * 1/12) = $37.50.

Rockport Quarry Signed a Four-Month, 5%, $9,000 Note Payable on September