Last fiscal year, Company B reported a total interest expense of $90 million on its Income Statement. During the current fiscal year, the company did not pay off any existing debt. In addition, at the beginning of this fiscal year, it borrowed an additional $160 million of long-term debt that carries an average interest rate of 6.3%. Calculate Company B interest expense on this fiscal year's Income Statement.

Answer rating: 100% (QA)

To calculate the interest expense for the current fiscal year we need to consider the interest expen... View the full answer