The Interest on a Note Is $800, the Interest Rate

question 26

Multiple Choice

The interest on a note is $800, the interest rate is 6% and the note is for 60 days. What is the principal of the note? (Use a 360 day year)

• A)$48,000.
• B)$60,000.
• C)$80,000.
• D)cannot be determined from the facts.

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