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Universal Travel Inc. borrowed $508,000 on November 1, 2018, and signed a 12-month note bearing interest at 4%. Interest is payable in full at maturity

Universal Travel Inc. borrowed $508,000 on November 1, 2018, and signed a 12-month note bearing interest at 4%. Interest is payable in full at maturity on October 31,2019 . In connection with this note, Universal Travel Inc. should report interest payable at December 31,2018 , in the amount of: Multiple Choice $3,387 $13,547. $20,320. $16,933

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