Given the following information concerning need answer this accounting questions Given the following information concerning apromissory note:Principal $3,300=Term = 60 DaysInterest = $66Determine the interest rate of the note (use 360 days).

Step 1: Define Promissory NoteA promissory note is issued by the borrower and given to the lender.…

Answered: Given the following information…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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).