Question: It is determined that $6,400 will be available to go toward servicing the debt at the end of Q2 based on the Cash Budget. There

It is determined that $6,400 will be available to go toward servicing the debt at the end of Q2 based on the Cash Budget. There is an outstanding loan of $10,100 taken out at the beginning of Q1. It has an interest rate of 8% per year. Given this information, determine the amount of interest that will be paid in servicing debt in Q2. Question 8Answer a. $1,616 c. $404 d. $202

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