A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual
interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest
figure at that time?
A. $7,150
B. $65,000
C. $14,300
D. $2,383
Transcribed Image Text:A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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