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:

Major in Finance

Involves the study of managing money, including investments, banking, finance markets, and the analysis of financial systems and financial planning.

Total Cost

The sum of fixed and variable costs incurred in the production of goods or services.

Marginal Cost

Marginal cost is the increase in total cost that arises from producing one additional unit of a good or service.

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A traveler awaiting a seat on a flight or mode of transportation, typically without a reservation for a specific departure.