The Interest Charged on a $350,000 Note Payable, at the Rate

question 191

Multiple Choice

The interest charged on a $350,000 note payable, at the rate of 6%, on a 60-day note would be

• A)$21,000.
• B)$10,500.
• C)$5,250.
• D)$3,500.

---

Definitions:

Installment Sale

A method of sale that allows the buyer to make payments over a period of time, eventually leading to ownership of the product or property.

Personal Watercraft

A recreational water vehicle that one rides on, rather than inside of, such as a jet ski.

Nonconforming Goods

Products delivered to a buyer that do not meet the specifications, quality, or standards agreed upon in a contract.

Reasonable Notice

Advance warning or notice given within a fair timeframe, typically in the context of employment or legal procedures.