Question: The formula for computing interest expense on a note for an adjusting entry is: (face value of note (times ) annual rate (times ) a

The formula for computing interest expense on a note for an adjusting entry is: (face value of note $\times $ annual rate $\times $ a fraction). Which of the following is the fraction?ength of time note is outstanding in months $\div $ Total length of note in months.Length of time note is outstanding (in months)$\div 12$ months.Length of time until note matures in months $\div $ Total length of note in monthsTotal length of note (in months)$\div 12$ months.

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