On June 30, 2012, Roll off Inc. borrowed $25,000 from its bank, signing a 6% note. Principal
Question:
Required
1. Assuming that the note earns simple interest for the bank, calculate the amount of interest accrued on each of the following dates:
December 31, 2012
December 31, 2013
June 30, 2014
2. Assume instead that the note earns 6% for the bank but is compounded semiannually. Calculate the amount of interest accrued on the same dates as in part (1).
3. How much additional interest expense will Roll off have to pay with semiannual interest?
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1 Dec 31 2012 25000 6 612 750 Dec 31 2013 25000 6 1...View the full answer
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton
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