Answer :
The interest on the $29,000, 6%, 60-day note receivable is $870. This means that after 60 days, the borrower is required to pay back the principal amount of $29,000 plus $870 in interest, resulting in a total payment of $29,870.
To find the interest on a note receivable, we can use the formula:
Interest = Principal x Rate x Time
In this case, the principal amount is $29,000, the interest rate is 6%, and the time period is 60 days. First, we need to convert the interest rate to a decimal by dividing it by 100:
6% / 100 = 0.06
Next, we need to convert the time period to years by dividing it by 365:
60 days / 365 days = 0.1644 years
Now we can calculate the interest:
Interest = $29,000 x 0.06 x 0.1644 = $870
It is essential for businesses and lenders to accurately calculate interest on notes receivable to determine the amount to be collected and ensure profitability.
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