Crafty Inc. borrowed $10,000 with a five-year 11.26% annual interest rate on 10/1/20X1. On their year-end...

 

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Crafty Inc. borrowed $10,000 with a five-year 11.26% annual interest rate on 10/1/20X1. On their year-end financial statements dated 12/31/20X1, what amount should be reflected for interest expense? Input your response rounded to a whole number, without commas and without dollar signs. Your Answer: Crafty Inc. borrowed $10,000 with a five-year 11.26% annual interest rate on 10/1/20X1. On their year-end financial statements dated 12/31/20X1, what amount should be reflected for interest expense? Input your response rounded to a whole number, without commas and without dollar signs. Your Answer:

Answer rating: 100% (QA)

To calculate the interest expense for the year we can use the formula Interest Expens... View the full answer