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

Question

Quizplus · Accepted Answer

To calculate the interest receivable on maturity, we first need to calculate the total interest for 6 months.

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

Therefore, the answer is D)$400.

On April 1,2015,Banne Services Received a 6-Month Note for $10,000