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Q: On Feb. 1, a company borrows $3,000 for 6 months at an annual interest rate of 8%. All interest is due at the end

Q: On Feb. 1, a company borrows $3,000 for 6 months at an annual interest rate of 8%. All interest is due at the end of 6 months, July 31. Using the simple interest formula, how much interest expense will the company have to record on February 28 ? (principal x interest rate x time) A. $240 B. $120 C. $60 D. $20

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