How Much Interest Will Accrue on a $40,000 Face Value

question 55

Multiple Choice

How much interest will accrue on a $40,000 face value, 60-day note that bears interest at 9 percent a year?

• A) $3,600
• B) $1,800
• C) $900
• D) $600 40000 x 60/360 x .09 = 600.

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