Need help this question solution Agrico, Inc. accepted a 10 month, 13.8% (annualrate), $4,500 note from one of its customers on June15; interest is payable with the principal at maturity.WHAT is the dollar amount of interest that Agricoearned on the note between June 15th and October31st?

Determine the interest rate for the period:The annual interest rate is 13.8%.Since the note is for…

Answered: Agrico, Inc. accepted a 10 month, 13.8%…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Agrico, Inc. accepted a 10 month, 13.8% (annual rate), $4,500 note from one of its customers on June 15; interest is payable with the principal at maturity. WHAT is the dollar amount of interest that Agrico earned on the note between June 15th and October 31st?