Answered: Calculate the interest on a 270−day,…

Business

Accounting

Calculate the interest on a 270−day, 11% note for $50,000. (Use a 365−day

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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Question

Calculate the interest on a

270−day,

11%

note for

$50,000.

(Use a

365−day

year. Do not round intermediate calculations, and round the final answer to the nearest dollar.)

$8,250

$458

$4,068

$5,500

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