Assuming a 360-day year, when a $14, 000, 90 - day, 12% interest - bearing note payable matures, the totalpayment will be a. $14, 420 b. $420 c. $1,680 d. $15, 680

Notes payable are a promissory notes and a negotiable instruments. In this one party agrees to pay a…

Answered: Assuming a 360 - day year, when a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Assuming a 360 - day year, when a $14,000, 90 - day, 12% interest - bearing note payable matures, the total payment will be a. $14, 420 b. $420 c. $1,680 d. $15, 680