On July 8, Jones Inc. issued an $62,700, 11%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. Oa. $882 Ob. $441 Oc. $6,897 Od. $1,323 K

On July 8 , Jones Inc. issued an $62,700,11%,120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. a. $882 b. $441 c. 56,897 d. 51,323