Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three months. At the end of the three months, the company pays the amount due in full. How much did the company remit to the bank? A. $250,000 B. $10,000 C. $252,500 D. $2,500

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three
months. At the end of the three months, the company pays the amount due in full. How much did the
company remit to the bank?
A. $250,000
B. $10,000
C. $252,500
D. $2,500
Transcribed Image Text:Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three months. At the end of the three months, the company pays the amount due in full. How much did the company remit to the bank? A. $250,000 B. $10,000 C. $252,500 D. $2,500
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