| A | B |
|---|
| Find the maturity date on a 60-day promissory note dated May 14. | July 13 |
| Find the maturity date on a 6-month promissory note dated February 6. | August 6 |
| Using the formula Principal x Rate x Time = Interest, find the interest on a 30-day promissory note for $6,000 at 12% interest. | $60.00 |
| Using the formula Principal x Rate x Time = Interest, find the interest on a 60-day promissory note for $2,400 at 10% interest. | $40.00 |
| In the early years of mortgage payoff, most of the payment is applied to the | interest |
| Goods a business has for sale are called | inventory |
| In addition to the principal and interest, mortgage payments may also include | both a and b |
| If the payments on an installment loan are not made in a timely manner, the seller has the right to | repossess |
| The amount borrowed on a loan is called the | principal |
| When calculating interest on a loan, one year is considered | 360 days |
