Interest on a $40,000 Note at 10% for 45 Days

question 83

True/False

Interest on a $40,000 note at 10% for 45 days is $493.(Use a 360 day year.Round your answer to the nearest dollar.)

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Definitions:

Budgeted Sales Data

Projected figures for sales revenue, volume, and related costs, used for planning and forecasting purposes within a business.

Cash Collections

The process of gathering all cash revenues and receipts by a company over a period of time.

Credit Sales

Sales made by a business that are to be paid for by the customer at a later date.

Cash Receipts

The total amount of cash collected by a business during a specific period, including payments from customers and other sources.