Asked by
Estefany Arredondo
on Dec 16, 2024
Verified
The interest charged on a $225000 note payable at the rate of 8% on a 3-month note would be
A) $18000.
B) $9000.
C) $4500.
D) $3000.
Interest Charged
Interest charged is the amount lenders impose on borrowers for the use of borrowed money, often expressed as an annual percentage rate.
- Determine and record interest charges on notes payable.
Verified Answer
EM
Learning Objectives
- Determine and record interest charges on notes payable.
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