Fleetwood Company Signed a Three-Year Note Payable for $59,000 at 7

question 66

Multiple Choice

Fleetwood Company signed a three-year note payable for $59,000 at 7% annual interest.What is the interest expense for 2019 if the note was signed on August 1,2019? (Do not round any intermediate calculations,and round your final answer to the nearest dollar.)

• A) $2065
• B) $1721
• C) $12,390
• D) $4130

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Definitions:

Income

Money received, especially on a regular basis, for work or through investments.

Social Mobility

The ability of individuals or families to move up or down the social hierarchy, which can be influenced by factors like education, income, and other socioeconomic determinants.

Stratification System

A framework that categorizes people within a society based on various factors such as social, economic, and institutional hierarchies.