The Interest Charged on a ¥150,000,000 Note Payable, at the Rate

question 27

Multiple Choice

The interest charged on a ¥150,000,000 note payable, at the rate of 8%, on a 90-day note would be

• A) ¥12,000,000.
• B) ¥6,666,000.
• C) ¥3,000,000.
• D) ¥1,000,000.

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Definitions:

Notice

Formal communication or warning, often required by law or agreement, to inform a party about an action or condition.

Intended Beneficiary

A third party for whom a contract is created to benefit, giving them certain rights to enforce the contract.

Contract

A legally enforceable agreement between two or more parties that creates mutual obligations enforceable by law.

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