Question: On January 1 , 2 0 2 4 , Ivy Bakery issued a $ 2 5 , 0 0 0 , 6 % , 4

On January 1,2024, Ivy Bakery issued a $25,000,6%,4-year installment note payable to purchase a delivery van. Payments of $587.13 are due at the end of each month for 48 months. How much will be recorded for interest expense for the first payment on January 31,2024?
Multiple Choice
$1,500.00
$125.00
$462.13
$587.13
On January 1,2024, Ivy Bakery issued a $25,000,6%,4-year installment note payable

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