Question: On January 8 , Lee Co . borrows $ 1 0 0 , 0 0 0 cash from National Bank by signing a 9 0

On January 8, Lee Co. borrows $100,000 cash from National Bank by signing a 90-day, 6% interest note. On April 8, Lee Co. will pay National Bank a total of $101,500. The difference between the amount paid back to National Bank of $101,500 and the amount borrowed of or $1,500 represents expense.
On January 8 , Lee Co . borrows $ 1 0 0 , 0 0 0

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