If a bank lends a plumbing company $12,000 for one month with an APR of 10%, the plumbing company would record $100 in interest revenue when the loan is repaid.

Group of answer choices

True

False

Question 2

John Deere sells a machine to a company for $100,000 on 1/1/21 on a 6-month promissory note at 10% APR. At the initiation of the note, John Deere records a Notes Payable of $100,000.

Group of answer choices

True

False