A nine-month note receivable @ 8% for $2500 dated November 1, 2009, has accrued interest revenue of _____________ on December 31, 2009.
A) $200.00
B) $116.67
C) $150.00
D) $ 33.33

Question

Quizplus · Accepted Answer

The interest for two months (November and December) on a $2500 note at 8% annual interest is calculated as follows: Interest = Principal x Rate x Time = $2500 x 8% x (2/12) = $2500 x 0.08 x 1/6 = $33.33.

A Nine-Month Note Receivable @ 8% for $2500 Dated November