On March 21, 2017 you borrowed $60,000 to start up a new business and agree to...
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On March 21, 2017 you borrowed $60,000 to start up a new business and agree to repay the loan plus interest on February 9, 2019. The bank charges you 6% simple interest. Note: March 21 is Day Number 80 and February 9 is Day Number 40. (a) How much is your accrued interest expense for 2017? [3 marks] Accrued Interest Expense for 2017 only:_ (b) How much must you pay on February 9, 2019 to fully pay it off? [3 marks] On March 21, 2017 you borrowed $60,000 to start up a new business and agree to repay the loan plus interest on February 9, 2019. The bank charges you 6% simple interest. Note: March 21 is Day Number 80 and February 9 is Day Number 40. (a) How much is your accrued interest expense for 2017? [3 marks] Accrued Interest Expense for 2017 only:_ (b) How much must you pay on February 9, 2019 to fully pay it off? [3 marks]
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a To calculate the accrued interest expense for 2017 we need to determine the number of ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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