A one-year, $12,000, 10% note is signed on May 1. If the note is repaid on November 1 of the same year, how much interest expense is incurred? a. $600 b. $700 C. $500 d. $800
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600A one-year, $22,400, 10% note is signed on May 1. If the note is repaid on November 1 of the same year, how much interest expense is incurred?How much interest expense is incurred?
- Assuming a 360-day year, when a $12,750, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $1,403 $14,153 $13,101 $351The interest on a $27000, 15%, 1-year note receivable is $31050. $228. $270. $4050.How much interest expense is incurred?? Financial accounting