Question 33 2.5 pts

The basic formula for calculating the interest on a note is:

Interest = Principal Rate/ Time.

Interest = (Principal Rate) - Time.

Interest = Principal Rate Time.

Interest = (Principal Time) + Rate.

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Question 34 2.5 pts

Interest calculated for one year on a $8,000, 6% promissory note is:

some other amount.

$480.

$48.

$4.80.

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Question 35 2.5 pts

Interest on a $5,000, 15% promissory note for six months is:

$375.

$3,750.

$3.75.

$37.50.

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Question 36 2.5 pts

In calculating interest on a note, it is NOT necessary to take which of the following into consideration?

The length of the note

The principal

The payee

The interest