Prudence Co

question 79

Short Answer

Prudence Co. receives a $26,000, 90-day, 4% note receivable. What is the amount of interest that is due at maturity?

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Definitions:

Promissory Note

A financial instrument involving a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Promissory Note

A financial document in which one party promises to pay another party a definite sum of money at a specific time.

Promissory Note

A financial instrument in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand.

Promissory Note

A signed document containing a pledge to pay a stated sum to a specified person under agreed conditions, reinforcing the obligation to fulfill monetary commitments.