What is the annual rate of interest being charged on a 9-month note receivable of $50,000 if the total interest is $3,000? 12% correct 8% 6% 10% $3,000 / $50,000 = 6% interest for 9 months which equates to an 8% annual interest rate. (0.06 / 9 = ? / 12)

What is the annual rate of interest being charged on a 9-month note receivable of $50,000 if the total interest is $3,000?

	12%
	8%
	6%
	10%

$3,000 / $50,000 = 6% interest for 9 months which equates to an 8% annual interest rate. (0.06 / 9 = ? / 12)