On November 1, 2014, Chancellor Co

question 17

Multiple Choice

On November 1, 2014, Chancellor Co. borrowed $80,000 from State Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. At December 31, 2014, Chancellor Co.'s overall liability for this loan amounts to:

• A) $83,200
• B) $84,800
• C) $80,000
• D) $81,600

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