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On July 8, Jones Inc. Issued an $63,600, 12%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on

On July 8, Jones Inc. Issued an $63,600, 12%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar. a. $1,060 b. 5636) c. $488 d. $1,272

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