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# Question 33 2.5 pts The basic formula for calculating the interest on a note is: Interest...

Question 33 2.5 pts
The basic formula for calculating the interest on a note is:
Interest = Principal × Rate/ Time.
Interest = (Principal × Rate) - Time.
Interest = Principal × Rate × Time.
Interest = (Principal × Time) + Rate.
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Question 34 2.5 pts
Interest calculated for one year on a \$8,000, 6% promissory note is:
some other amount.
\$480.
\$48.
\$4.80.
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Question 35 2.5 pts
Interest on a \$5,000, 15% promissory note for six months is:
\$375.
\$3,750.
\$3.75.
\$37.50.
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Question 36 2.5 pts
In calculating interest on a note, it is NOT necessary to take which of the following into consideration?
The length of the note
The principal
The payee
The interest

Question 33 2.5 pts

The basic formula for calculating the interest on a note is:

So answer is c) Interest = Principal × Rate × Time.

Question 34 2.5 pts

Interest calculated for one year on a \$8,000, 6% promissory note is:

Interest expense = 8000*6% = 480

Question 35 2.5 pts

Interest on a \$5,000, 15% promissory note for six months is:

Interest = 5000*15%*6/12 = \$375

Question 36 2.5 pts

In calculating interest on a note, it is NOT necessary to take which of the following into consideration?

So answer is c) The payee

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