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On November 1, 2016. Tim's Toys borrows $31,200,000 at 7% to finance the holiday sales season. The note is for a 6-month term-end both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2016? a. $91,000 b. $1,092,000 c. $182,000 d. $364,000

On November 1, 2016. Tim's Toys borrows $31,200,000 at 7% to finance the holiday sales season. The note is for a 6-month term-end both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2016? a. $91,000 b. $1,092,000 c. $182,000 d. $364,000

FINANCIAL ACCOUNTING
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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On November 1, 2016. Tim's Toys borrows $31,200,000 at 7% to finance the holiday sales season. The note is for a 6-month term-end both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2016? a. $91,000 b. $1,092,000 c. $182,000 d. $364,000
Transcribed Image Text:On November 1, 2016. Tim's Toys borrows $31,200,000 at 7% to finance the holiday sales season. The note is for a 6-month term-end both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2016? a. $91,000 b. $1,092,000 c. $182,000 d. $364,000
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