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Calculating Interest Instructions Calculate the interest for each of the following
Chapter 26, Problem 26-2(choose chapter or problem)
Calculating Interest
Instructions Calculate the interest for each of the following notes. Record your answers in your working papers.
Principal Interest Rate Term
1. $ 600 15% 90 days
2. 3,500 12% 60 days
3. 9,600 9% 4 months
4. 2,500 10% 180 days
Questions & Answers
QUESTION:
Calculating Interest
Instructions Calculate the interest for each of the following notes. Record your answers in your working papers.
Principal Interest Rate Term
1. $ 600 15% 90 days
2. 3,500 12% 60 days
3. 9,600 9% 4 months
4. 2,500 10% 180 days
ANSWER:Step 1 of 5
A promissory note refers to a debt instrument that provides evidence by one party to pay an agreed amount to the other party. The note includes all the terms like principal amount, maturity date, interest rate, etc.