Question: Schmidt Company borrows $ 1 0 , 0 0 0 from its bank and signs a 6 - month note. Interest, which is due quarterly,

Schmidt Company borrows $10,000 from its bank and signs a 6-month note. Interest, which is due quarterly, is specified in the note as 6%. The 6% interest rate is a(n)
annual, 12 month rate.
a 3 month rate.
6 month rate.
Schmidt Company borrows $ 1 0 , 0 0 0 from its

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