Asked by
Jazzen Rodriguez
on Nov 18, 2024
Verified
The interest on a 6%, 60-day note for $5,000 is $300.
Interest-Bearing Note
A debt instrument in which the borrower promises to pay the lender a fixed amount of interest in addition to repaying the principal.
- Understand the calculation and significance of interest on notes receivable.
Verified Answer
KA
Learning Objectives
- Understand the calculation and significance of interest on notes receivable.