MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note?

Question

Quizplus · Accepted Answer

If the note is dishonored, MixRecording Studios will owe the principal amount of $7,800 plus 10% interest for 60 days, which is $130. Therefore, the total amount due on the note would be $7,800 + $130 = $7,930.

MixRecording Studios Purchased $7,800 in Electronic Components from TechCom