Question: On May 1 5 , 2 0 2 2 , Powell Incorporated obtained a six - month working capital loan from its bank. The face

On May 15,2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $495,800. The interest rate charged by the bank was 9.00%. The bank made the loan on a discount basis.
b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30,2022.

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