A company issues a 60-day, 12% note for $15,000. What is the principal amount of the note?

Name: A company issues a 60-day, 12% note for $15,000. What is the principal amount of the note?
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Question

Quizplus · Accepted Answer

The principal amount of the note is the amount borrowed, which is stated in the problem as $15,000. Therefore, the correct answer is B. The other answer choices are incorrect as they are either higher or lower than the amount borrowed.

A Company Issues a 60-Day, 12% Note for $15,000