Find the Interest on the Loan

question 133

Short Answer

Find the interest on the loan: $$\begin{array} { l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Interest } \\\$ 28,000 & 7 \% & 2 \text { years } &\end{array}$$

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Definitions:

Revenue

Total financial returns resulting from a company's main operational activities, specifically the sale of its goods or services.

Expenses

Expenses are the costs incurred during the operation of a business to generate revenue, including operational costs, salaries, and utilities.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset over its life up to a single point in time.

Liability Account

An accounting record that captures the company's obligations to pay debts to others, usually categorized as current or long-term.