Question

Multiple Choice Question On January 1, Gino signs a note payable for $10,000. The note has an interest rate of 3%. If Gino repays $10,300 at the end of year 1, the interest is ______ interest.

Answer 1

Answer: simple interest payable annually.

Step-by-step explanation:

The interest shows its payable annually and it's neither monthly nor compounding.