Interest on a $70,000 note at 6% for 45 days is $518. (Use a 360 day year. Round your answer to the nearest dollar.)

Name: Interest on a $70,000 note at 6% for 45 days is $518. (Use a 360 day year. Round your answer to the nearest dollar.)
Brand: Quizplus
Rating: 4.7 (54 reviews)

Question

Quizplus · Accepted Answer

The interest on a $70,000 note at 6% for 45 days using a 360-day year is calculated as follows: Interest = Principal x Rate x Time = $70,000 x 6% x (45/360) = $70,000 x 0.06 x 0.125 = $525.

Interest on a $70,000 Note at 6% for 45 Days