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The interest rate on the note was 8 at the time the note

Question - On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $480.

1. Determine amount borrowed by Criqui?

2. Assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555?

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Accounting Basics: The interest rate on the note was 8 at the time the note

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Accounting Basics: The interest rate on the note was 8 at the time the note

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