On July 1, 2016, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July

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On July 1, 2016, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July 31, 2016, Rogers made the following adjusting entry:

On July 1, 2016, Rogers Corp. took out a 60-day,

1. What is the interest rate on the loan- Explain your answer.
2. Prepare the entry on Rogers Corp.'s books on August 31, 2016, when the company repays the principal and interest on the loan.

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