Interest on a $60,000 Note at 10% for 45 Days

question 15

True/False

Interest on a $60,000 note at 10% for 45 days is $740.(Use a 360 day year.Round your answer to the nearest dollar. )

---

Definitions:

Standard Time

The established amount of time it should take for a task to be completed under normal conditions.

Average Observed Time

The mean time noted for a task in a work measurement study, calculated by observing and recording the time taken to complete the task over several cycles.

Performance Rating

An assessment of an individual's or organization's performance, often compared against predetermined standards or objectives.

Time Standard

A benchmark or reference point for the expected time required to complete a task, often used in manufacturing and productivity analysis.