On April 1, 2025, Barnes Services received a 6−month note for $11,000 at 10%. Calculate the amount of interest due at maturity. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

On April 1, 2025, Barnes Services received a 6−month note for $11,000 at 10%. Calculate the amount of interest due at maturity. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On April 1, 2025, Barnes Services received a

6−month

note for

$11,000

10%.

Calculate the amount of interest due at maturity. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

$605

$550

$495

$1,100

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