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Given the following information concerning a promissory note: Principal $3,300 = Term = 60 Days Interest = $66 Determine the interest rate of the note (use 360 days).

Given the following information concerning a promissory note: Principal $3,300 = Term = 60 Days Interest = $66 Determine the interest rate of the note (use 360 days).

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.12E
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Given the following information concerning need answer this accounting questions

Given the following information concerning a promissory note: Principal $3,300 = Term = 60 Days Interest = $66 Determine the interest rate of the note (use 360 days).
Transcribed Image Text:Given the following information concerning a promissory note: Principal $3,300 = Term = 60 Days Interest = $66 Determine the interest rate of the note (use 360 days).
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