The interest charged on a $50000 note payable at the rate of 6% on a 60-day note would be

A) $3000.
B) $1667.
C) $750.
D) $500.

Question

The interest charged on a $50000 note payable at the rate of 6% on a 60-day note would beA)  $3000.B)  $1667.C)  $750.D)  $500.

Sonya Sanford · Accepted Answer

Final Answer : D, Explanation :  The interest is calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = $50,000, Rate = 6% per annum, and Time = 60/365 years. So, Interest = $50,000 x 0.06 x (60/365) = $500.

The interest charged on a $50000 note payable at the rate of 6% on a 60-day note would be

A) $3000.
B) $1667.
C) $750.
D) $500.

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