Question

Question Content Area Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $100,000 is a.$500 b.$3,000 c.$1,500 d.$6,000

Answer 1

The interest is $1,500

The answer is option B. $1,500  

Given,

Amount of Note Payable     100,000.00

No of Days =  90

Interest Rate = 6%

Interest  = 100,000*6%*90/360  

Interest  = 1,500

In finance and economics, interest is a fee from a borrower or deposit-taking economic institution to a lender or depositor of an amount above reimbursement of the foremost sum, at a particular price. it's far awesome from a charge which the borrower may additionally pay the lender or some celebration.

In finance and economics, interest is charged from a borrower or deposit-taking economic group to a lender or depositor of a quantity above reimbursement of the essential sum, at a selected price. it's far wonderful from a price that the borrower may also pay the lender or some third party.

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