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On October 1, 2017, Parsons, Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but
On October 1, 2017, Parsons, Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but agreed to pay 10 months later, and signed an 10-month note at 10% interest. How much interest revenue was earned during 2017? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) $1,667 $500 $3,500 $530
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