Interest on a 3-month, 3%, $20,000 note is calculated by multiplying $20,000 * 3% * 3.

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sreedhar reddy · Accepted Answer

Final Answer : False, Explanation :  Interest on a note is calculated by multiplying the principal amount by the interest rate and the time period involved, but the formula provided is unclear and incorrectly formatted. The correct calculation for a 3-month, 3% interest on a $20,000 note would be $20,000 * 3% * (3/12), assuming the interest rate is annual.

Interest on a 3-month, 3%, $20,000 note is calculated by multiplying $20,000 * 3% * 3.

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