Corricten Company borrows $88,500 on Sep- tember 1, 2004, from Harrington State Bank by signing an $88,500,

Question:

Corricten Company borrows $88,500 on Sep- tember 1, 2004, from Harrington State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2004?

(a) $2,655.

(c) $4,425.

(b) $3,540.

(d) $10,620.

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