Saturday, October 10, 2020

On August 1, 2021, a company accepts an $8,000, 9-month note receivable. For 2021, the company reports interest revenue of $200. What is the interest rate on the note?

On August 1, 2021, a company accepts an $8,000, 9-month note receivable. For 2021, the company reports interest revenue of $200. What is the interest rate on the note?


A) 5%.

B) 6%.

C) 7%.

D) 8%.


Answer: 6%.

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