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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