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Sagot :
$ 323,293 is the selling price of the machinery if the rate of interest agreed upon was 16% compounded quarterly.
Accounts Debit Credit
Cash $5,000
Equipment
(Record the down payment) $5,000
Notes Receivable $ 323,293
Equipment $ 323,293
Record the receivable
An interest rate tells you how high the cost of borrowing is, or high the prices are for saving. So, if you are a borrower, the interest rate is the quantum you're charged for adopting a plutocrat, shown as a chance of the total quantum of the loan.
Using the interest rate formula, we get the interest rate, which is the chance of the top quantum, charged by the lender or bank to the borrower for the use of its means or plutocrat for a specific time period. The interest rate formula is Interest Rate( Simple Interest × 100)/( star × Time).
Learn more about interest here: https://brainly.com/question/25793394
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