In 2021, LOL Industries took out a $100,000 loan with BRB Lending for 4% annual interest. Assume that this is the only loan on LOL's balance sheet, and that LOL began 2022 with $500 in Interest Payable associated with this loan. If LOL ends 2022 with $750 in Interest Payable.

How much must it have paid to BRB Lending in interest payments during the year 2022?

Answer rating: 100% (QA)

Change in Interest Payable Ending Interest Payable Beginning ... View the full answer