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Choose the correct answer. Your business signs a ninety-day promissory note for $5,000 at 5% monthly interest. How much interest will you have to pay on a collect basis? A. $ 250.00 B. $ 750.00
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1 vote
Choose the correct answer. Your business signs a ninety-day promissory note for

$5,000 at 5% monthly interest. How much interest will you have to pay on a collect basis?

A. $ 250.00

B. $ 750.00

User Gnrfan
by
7.8k points

1 Answer

1 vote
90 days=3 months
5,000×0.05×3=750
User RGriffiths
by
8.3k points
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