On January 15, 2014, Raymond Company received a two-month, 9%, $7,000 note from William Pentel for the settlement of his open account. The entry by Raymond Company on March 15, 2014, if Pentel dishonors the note and collection is expected is: 
Definitions:
Real Rate of Interest
The interest rate that has been adjusted to remove the effects of inflation, showing the real earning power of an investment.
Inflation Rate
A situation where the overall cost of goods and services climbs, causing the value of money to diminish.
Annual Percentage Rates (APRs)
A measure of the cost of credit, expressed as a yearly interest rate, that includes interest, fees, and other charges associated with the loan.
Compound Interest
Interest calculated on the initial principal which also includes all of the accumulated interest from previous periods on a deposit or loan.
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