Amos Real Estate Signed a Four-Month Note Payable in the Amount

question 101

Multiple Choice

Amos Real Estate signed a four-month note payable in the amount of $16,000 on September 1. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is:

• A) $480.
• B) $120.
• C) $1,440.
• D) $160.

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Definitions:

Accounts Payable

Liabilities or amounts owed by a business to its creditors for goods and services that have been received but not yet paid for.

Accounts Receivable

Financial obligations of customers to a firm for items or services rendered but not yet compensated.

Face Value

Refers to the nominal or dollar value printed on a financial instrument, such as a bond or stock certificate, representing its legal value.

Bond

An interest-bearing security that obligates the issuer to pay the bondholder a specified sum of money, generally at fixed intervals, and to repay the principal at maturity.