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attashe74 [19]
2 years ago
15

The interest charged on a $252000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.)

Business
1 answer:
earnstyle [38]2 years ago
3 0

Answer: Interest charged=$3,780

Explanation:

Interest is the amount of money a borrower pays  to its lender for money loaned to him or her at a particular time and rate It can also be money accrued from investments or deposits in  financial institutions. It is calculated as

Interest charged = Principal x Rate x Time

= $252,000 x 6% X 90/ 360

=$3,780

The interest charged on the note payable  =$3,780

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