Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Shangrov Company prepared a promissory note with a face value of $85,000, payable after 90 days, at a rate of 19%. Calculate the interest amount

Shangrov Company prepared a promissory note with a face value of $85,000, payable after 90 days, at a rate of 19%. Calculate the interest amount of the promissory note. Assume 365 days in a year. (Round to the nearest dollar.)

a.$1,195

b.$16,592

c.$3,982

d.$1,754

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Integrated Statements Approach

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

2nd Edition

324312113, 978-0324312119

Students also viewed these Accounting questions