Camp Elim Obtains a $125,000,6%,five-Year Loan for a New Camp

question 35

Multiple Choice

Camp Elim obtains a $125,000,6%,five-year loan for a new camp bus on January 1,2018.What amount will be recorded for interest expense for the first payment on January 31,2018?

• A)$625
• B)$125
• C)$7,500

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