Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note.PrincipalTermInterest$3,600120 days$72Required:Given the details above, determine the interest rate on the note.Note: To simplify the arithmetic, use 360 days in a year.0%Interest rate:

Interest Rate = Interest * 100 * 360 / (Days * Principal)

Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note. Principal Term Interest $3,600 120 days 872 Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. Interest rate:

Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note. Principal Term Interest $3,600 120 days 872 Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. Interest rate:

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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Question

Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note.
Principal
Term
Interest
$3,600
120 days
$72
Required:
Given the details above, determine the interest rate on the note.
Note: To simplify the arithmetic, use 360 days in a year.
0%
Interest rate:

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