QuestionJuly 11, 2025

The interest revenue on a 32,000,8% 9 month note receivable is square

The interest revenue on a 32,000,8% 9 month note receivable is square
The interest revenue on a 32,000,8%  9 month note receivable is
square

Solution
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Answer

1920 Explanation 1. Identify the formula for interest Use the formula for simple interest: **I = P \times r \times t**, where P is the principal, r is the rate, and t is the time in years. 2. Convert time to years The note is for 9 months. Convert this to years: t = \frac{9}{12} = 0.75 years. 3. Calculate the interest Substitute P = 32000, r = 0.08, and t = 0.75 into the formula: I = 32000 \times 0.08 \times 0.75. 4. Perform the calculation Calculate: I = 32000 \times 0.08 \times 0.75 = 1920.

Explanation

1. Identify the formula for interest<br /> Use the formula for simple interest: **$I = P \times r \times t$**, where $P$ is the principal, $r$ is the rate, and $t$ is the time in years.<br /><br />2. Convert time to years<br /> The note is for 9 months. Convert this to years: $t = \frac{9}{12} = 0.75$ years.<br /><br />3. Calculate the interest<br /> Substitute $P = 32000$, $r = 0.08$, and $t = 0.75$ into the formula: $I = 32000 \times 0.08 \times 0.75$.<br /><br />4. Perform the calculation<br /> Calculate: $I = 32000 \times 0.08 \times 0.75 = 1920$.
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