33. PROMISSORY NOTE interest charges of $425.24. Find the term of the note to the nearest day. Jan Rice signed a promissory note for $6400 at 11% interest with

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33. PROMISSORY NOTE Jan Rice signed a promissory note for $6400 at 11 % interest with
interest charges of $425.24. Find the term of the note to the nearest day.
Transcribed Image Text:33. PROMISSORY NOTE Jan Rice signed a promissory note for $6400 at 11 % interest with interest charges of $425.24. Find the term of the note to the nearest day.
Expert Solution
Step 1

We can use simple interest formula to calculate the time. In promissory notes, if the interest rate is specified then that interest is simple interest per annum. 

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