The formula for computing interest on a note is: Principal of the note Annual interest rate Time expressed in fraction of year. True False Question 11 ( 0.125 points) A company borrowed $10,000 by signing a six-month promissory note at 5% interest. The amount of interest to be paid at maturity is $25. True False A credit sale of $5,275 to a customer would result in which of the following? A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger. A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger. A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger. A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger. A credit to Sales and a credit to the customer's account in the accounts receivable subsidiary ledger. Question 14 ( 0.125 points) Sellers allow customers to use bank (or third-party) credit cards for all of the following reasons except: To be able to charge more due to fees and interest. To avoid the risk of customers not paying. To speed up receipt of cash from the credit sale. To increase total sales. To avoid having to decide who gets credit and how much