Multiple Choice Question On January 1, Gino signs a note payable for $10,000. The note has an interest rate of 3%. If Gino repays $10,300 at the end of year 1, the interest is _…

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asked Apr 16, 2020 72.9k views

1 Answer

David Sulc · Answer 1 · 2020-04-21T04:37:03+0000

Answer: simple interest payable annually.

Step-by-step explanation:

The interest shows its payable annually and it's neither monthly nor compounding.