Determine the Interest on the Following Notes

question 43

Essay

Determine the interest on the following notes:
(a) $5,000 at 6% for 90 days.
(b) $800 at 9% for 5 months.
(c) $6,000 at 8% for 60 days
(d) $1,600 at 7% for 6 months

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Definitions:

Equipment

Equipment refers to the tangible assets or tools used in the operation or production process of businesses, which can range from office supplies to heavy machinery.

Fair Market Value

The price at which an asset would trade in an open and competitive market between a willing buyer and a willing seller, both having reasonable knowledge of the pertinent facts.

Original Investments

Original investments refer to the initial amount of money put into a business or project by its owners or investors.

Net Income

The total earnings of a company after subtracting all expenses and taxes from total revenues, indicating the company's profitability.