nwa air charter signed a four-month note payable in the amount of $17000 on september 1. the note requires interest at an annual rate of 6%. the amount of interest to be accrued at the end of september is $340. $1020. $85. $170.

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26-10-2022
Business

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nwa air charter signed a four-month note payable in the amount of $17000 on september 1. the note requires interest at an annual rate of 6%. the amount of interest to be accrued at the end of september is $340. $1020. $85. $170.

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NWA air charter signed a four-month note payable in the amount of $17000 on September 1. the note requires interest at an annual rate of 6%. the amount of interest to be accrued at the end of September is $85.

One way a business might make up for the value that money loses over time owing to the time value of money is by charging interest. Instead of being paid in full at the time the loan is repaid, the interest that a business pays on a loan is expensed throughout the course of the loan.

The interest rate per month must be known in order to calculate the interest accrued on the note for September:

Annual Interest Rate / 12 = Interest Rate Per Month

Interest rate = 0.06 / 12 = 0.005

So, to calculate the interest for September, we multiply the loan's face value by this:

$17,000 x 0.005 = $85

Therefore, the Interest amount which will be accrued is $85 (Option C)

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