Question: On July 1 , 2 0 1 6 , Waters Co receives a one - year loan of $ 7 4 , 4 0 0

On July 1,2016, Waters Co receives a one-year loan of $74,400 from Purdy Bank. The stated interest rate on the note is 7.0% annually. The interest and the principal are to be
paid by Waters Co at the end of the loan, i.e., on June 30,2017.
On July 1,2016, Waters Co receives a one-year loan of $74,400

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