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Kobotan [32]
3 years ago
13

A 60-day, 12% note for $7,000, dated April 15, is received from a customer on account. The face value of the note is A. $6,860B.

$7,140C. $7,840D. $7,000
Business
1 answer:
vovangra [49]3 years ago
4 0

Answer:

b- $7.140

Explanation:

The note has a 12% anual rate of interest, but the note is executable in just 60 days. Is necessary to calculate the interest rate for a minor period as follows:

12% * (60/360) = 0.02 = 2% ----> we multiplied the anual rate for a ratio of                     60/360 in order to obtain a 60-day interest rate.

7.000 * ( 1 + 2%) = 7140

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