A $36,000,two-Month,12% Note Payable Was Issued on 1 December 2016

question 47

Multiple Choice

A $36,000,two-month,12% note payable was issued on 1 December 2016.What is the amount of interest expense recorded in the year 2017?

• A)$720
• B)$414
• C)$90
• D)$360

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Definitions:

Crutchfield And Grant

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