INTERMEDIATE ACCOUNTING (LL)-W/ACCESS
17th Edition
ISBN: 9781119598565
Author: Kieso
Publisher: WILEY
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A promissory note has the following
details:
Principal: $5,000
. Term: 90 days
. Interest: $150
Find the interest rate (Assume a 360-
day year).
What is the amount of cash paid for interest in 2017?
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