MCQs > Finance & Management > Bookkeeping > Mike is the payee of a $20,000, 180-day, 8% note. On maturity, the note maker fails to pay. How much interest income should Mike receive on the dishonored note?

Bookkeeping MCQs

Mike is the payee of a $20,000, 180-day, 8% note. On maturity, the note maker fails to pay. How much interest income should Mike receive on the dishonored note?

Answer

Correct Answer: $800

Explanation:

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Bookkeeping Skill Assessment

Overall Skill Level-Poor

Your Skill Level: Poor

Retake Quizzes to improve it