On April 1, 2015, Banne Services has received a 6-month note for $10,000 at 8%. Calculate the amount of interest receivable on maturity.

Name: On April 1, 2015, Banne Services has received a 6-month note for $10,000 at 8%. Calculate the amount of interest receivable on maturity.
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Question

Quizplus · Accepted Answer

First, we need to calculate the total amount of interest over the 6-month period:

Interest = Principal x Rate x Time
Interest = $10,000 x 8% x (6/12) = $400

Therefore, the amount of interest receivable on maturity is $400.

On April 1, 2015, Banne Services Has Received a 6-Month