Q: How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year?

A: $300
Interest for the whole year is $1800 (20,000 x 9%) so interest per month is $150 (1800/12). 60 days note, you earn 2 months interest ($150 x 2) $300

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Asked 8/4/2012 12:30:32 PM

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