# A business borrows $1,000, giving a note that requires repayment of the amount borrowed in two payments of $600 each, one at the end of each of the next two six-month periods. Calculate the total interest on the note. What is the principal amount of the note?

Chapter 5, Discussion Questions #15

A business borrows $1,000, giving a note that requires repayment of the amount borrowed in two payments of $600 each, one at the end of each of the next two six-month periods.

Calculate the total interest on the note. What is the principal amount of the note?

Calculate the total interest on the note. What is the principal amount of the note?

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## Cornerstones of Financial and Managerial Accounting

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**Authors:** Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

**ISBN:** 978-1111879044