Sandusky Company borrowed $12,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed
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Question:
Sandusky Company borrowed $12,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount of $4,825.38. Based on this information, the amount of the interest expense associated with the second payment would be_________.
a) $1,608
b) $1,200
c) $837
d) $536
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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