Answered: Ontario Inc. borrows $2,000 for 20…

Ontario Inc. borrows $2,000 for 20 years at an annual interest rate of 9%. How much interest does Ontario Inc. need to pay each year? Multiple choice question. $180 $90 $18 $100

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Question

Ontario Inc. borrows $2,000 for 20 years at an annual interest rate of 9%. How much interest does Ontario Inc. need to pay each year?

Multiple choice question.

$180

$90

$18

$100

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