General accounting questions answer A promissory note states thefollowing:•Principal: $4,500Term: 120 daysInterest: $180Determine the interest rate.

To determine the interest rate on the promissory note, we use the simple interest formula:I = P × r…

Answered: A promissory note states the following:…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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A promissory note states the following: • Principal: $4,500 Term: 120 days Interest: $180 Determine the interest rate.