Answered: Given the following information…

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

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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Question

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).

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