Question

What is the face value of a 15-month, 6.5% note that will earn $1,200 of interest? Select answer from the options below $23,080 $18,000 $7,800 $14,770 5.95% 14.3% 1.7%

Name: what is the face value of a 15 month 65 note that will earn 1200 of interest select answer from the options below 23080 18000 7800 14770 595 143 17 78626
Uploaded: 2022-04-15T19:17:27-08:00
Duration: 2 min 9 s
Channel: Ishana K
Description: what is the face value of a 15 month 65 note that will earn 1200 of interest select answer from the options below 23080 18000 7800 14770 595 143 17 78626

          What is the face value of a 15-month, 6.5% note that will earn $1,200 of interest?
Select answer from the options below
$23,080
$18,000
$7,800
$14,770
5.95%
14.3%
1.7%

Added by Kimberly B.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Ishana K

04/15/2022

Step 1

5% note that will earn $1,200 of interest, we can use the formula for simple interest: \[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \] Where: - Interest is the total interest earned ($1,200) - Principal is the face value of the note Show more…

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What is the face value of a 15-month, 6.5% note that will earn $1,200 of interest? Select answer from the options below $23,080 $18,000 $7,800 $14,770 5.95% 14.3% 1.7%