A company borrowed $16,000 by signing a 4-month promissory note at 12%. The amount of interest to be paid at maturity is $640.

Answer the following statement true (T) or false (F)


True

$16,000 × 0.12 × 4/12 = $640

Business

You might also like to view...

What is cost of goods manufactured? Describe the flow of this cost through the job order costing system. Your answer should include the accounts involved and whether the flow involves a debit or credit.

What will be an ideal response?

Business

A marketing channel can also be referred to as a channel of distribution

Indicate whether the statement is true or false

Business

The ________ Act prohibits buyers from inducing or sellers from giving different prices to buyers of commodities of similar grade and quality

a. Taft-Hartley b. Clayton c. Dodd-Frank d. Robinson-Patman

Business

If a hacker takes over an application program, he or she receives the permissions with which the program runs

Indicate whether the statement is true or false.

Business