Steed Company prepared a promissory note with a face value of $50,000, payable after 50 days, at
Fantastic news! We've Found the answer you've been seeking!
Question:
Steed Company prepared a promissory note with a face value of $50,000, payable after 50 days, at a rate of 19%. Calculate the interest amount of the promissory note. Assume 365 days in a year. (Round to the nearest dollar.)
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date: