Assume that on October 1, 2014, big Company borrowed $10,000 from the local bank at 6 percent

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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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Survey of Accounting

ISBN: 978-0077862374

4th edition

Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor

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