On January 10, Chen Co. issued an $80,000, 6%, 90-day note payable to Rao Co. Using a 360-day year, what is the total interest expense of the note? a. $4,800 b. $480 c. $1,200 d. None of these choices are correct. Peachtree Company borrows $30,000 from the local bank at 7% interest. The term of the note is five years, and the annual payments remain constant at $7,317. Determine the decrease in notes payable that Peachtree Company should record in the first year. a. $1,735 b. $7,317 c. $5,217 O d. $2,100 Current liabilities are debts that are expected to be satisfied a. after several years. b. only after six months. c. after one year. d. within one year