Question: Select the best answer choice. A note reads, Interest hereon is 2 % above the prime rate as determined by First National Bank in New

Select the best answer choice.
A note reads, "Interest hereon is 2% above the prime rate as determined by First National Bank in New York City."
Under the UCC -..
the note is not negotiable because the hoider must look to some extrinsic source to determine the interest rate.
variable interest rates are OK.
the note isn't negotiable because the prime rate can vary before the note comes due.
the interest rate provision is not a "sum certain' so negotiability is destroyed.
Select the best answer choice. A note reads, "Interest hereon is

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