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Marina CMI [18]
3 years ago
11

On October 1, Hill Corporation signed a 6-month note with principal of $10,000 and interest of $600 due in six months. The state

d rate of interest on the note is
Business
1 answer:
ANTONII [103]3 years ago
5 0

Answer:

the stated interest rate on the note is 12%

Explanation:

The computation of the stated rate of interest on the note is shown below:

= Interest ÷ Principal amount

= $600 ÷ $10,000

= 0.06

Since it is of six months but we have to determine annually

So we should multiplied it by 2

Like this

= 0.06 × 2

= 12%

hence, the stated interest rate on the note is 12%

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