If Pro lime issued a 60 day promissory note for $40 000 at an agreed interest...
If Pro lime issued a 60 day promissory note for $40 000 at an agreed interest rate of 7% per annum, the amount of interest payable, to the nearest $, is?
Homework Answers
Interest Payable = $466.67 or $467
(Principal x Interest x Frequency of the year)
($40,000 x 7% x 60/360)
Note: (used 360 days as the base in a year)
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