Question: Assume that on October 1 2014 big Company borrowed 10 000
Assume that on October 1, 2014, big Company borrowed $10,000 from the local bank at 6 percent interest. The note is due on October 1, 2015. How much interest does big pay in 2014? How much interest does big pay in 2015? What amount of cash does big pay back in 2015?
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