On November 1,Fisher and Sons Music Center loaned a customer $15,000 at 8% for six months.What is the interest receivable on the note at December 31?
A)$100
B)$200
C)$400
D)$600

Name: On November 1,Fisher and Sons Music Center loaned a customer $15,000 at 8% for six months.What is the interest receivable on the note at December 31? A)$100 B)$200 C)$400 D)$600
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Question

Quizplus · Accepted Answer

Interest receivable = Principal x Rate x Time= $15,000 x 8% x 2/12= $15,000 x 0.08 x 0.1667= $200

On November 1,Fisher and Sons Music Center Loaned a Customer