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Exercise 3. (15 points) On November 1, 2018, Profast Co. borrowed $160,000 from RBC Bank and signed a 15%, 8-month note payable, all due at

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Exercise 3. (15 points) On November 1, 2018, Profast Co. borrowed $160,000 from RBC Bank and signed a 15%, 8-month note payable, all due at maturity. The interest on this loan is stated separat How much must Profast Co. pay to RBC Bank on July 1, 2019, when the note matures? How much interest expense will Profast Co. recognize on this note in 2019? At December 31, 2018, Profast Co.'s overall liability (principal + interest) for this loan amounts to

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