On January 1, a 5-Year, $4,000 Non-Interest-Bearing Note Payable Was

question 65

Essay

On January 1, a 5-year, $4,000 non-interest-bearing note payable was issued for $2,600 when the market rate of interest was 9%. What is the total interest expense that will be recognized over the life of the note? Round your final answer to the nearest dollar.

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