Which of the Following Statements in Regard to the "Fixed

question 83

Multiple Choice

Which of the following statements in regard to the "fixed amount" requirement for negotiable instruments is false?

• A)If a variable rate of interest is prescribed,the amount of interest is calculated by trade standards.
• B)The requirement of a "fixed amount" applies only to principal.
• C)If the description of the interest in the instrument does not allow the amount of interest to be ascertained,then interest is payable at the judgment rate in effect at the time interest first accrues.
• D)Interest may be stated in the instrument as a fixed or variable amount of money.

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