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The interest charged on a $252000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.)
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The interest charged on a $252000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.)

User Maghfirzakir
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1 Answer

6 votes

Answer: Interest charged=$3,780

Step-by-step explanation:

Interest is the amount of money a borrower pays to its lender for money loaned to him or her at a particular time and rate It can also be money accrued from investments or deposits in financial institutions. It is calculated as

Interest charged = Principal x Rate x Time

= $252,000 x 6% X 90/ 360

=$3,780

The interest charged on the note payable =$3,780

User Josephting
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