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

Name: The interest on a $6,000, 6%, 60-day note receivable is
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The interest on the note can be calculated using the formula: Interest = Principal × Rate × Time. Here, Principal = $6,000, Rate = 6% (or 0.06 as a decimal), and Time = 60 days (or 60/360, assuming a 360-day year, to convert into the year fraction). So, Interest = $6,000 × 0.06 × (60/360) = $60.

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