Answered: The interest charged on a $392000 note…

The interest charged on a $392000 note payable, at the rate of 6%, on a 60-day note would be (Use 360 days for calculation.) $11760. $23520. $5880. $3920.

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

The interest charged on a $392000 note payable, at the rate of 6%, on a 60-day note would be (Use 360 days for calculation.)

$11760.

$23520.

$5880.

$3920.

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