Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company took out a nine-month bank loan of $9,00

A company took out a nine-month bank loan of $9,000 on January 1, 2019. The...

50.1K

Verified Solution

Question

Accounting

A company took out a nine-month bank loan of $9,000 on January 1, 2019. The bank charges an annual interest rate of 6%. The loan interest and principal will be repaid all together on October 1, 2019. How much is the interest expense on January 31, 2019?

Select one:

a. $20

b. $45

c. $0

d. $60

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

r Triangles Solving for sides 20 27 15 A 36 B 2 Bos B 16...

Geometry
Q

Financial statement presentation Appliances Ltd, a manufacturing company, commenced operations on 1 July 2017. The draft trial...

Accounting
Q

Consider a 15-year, $110,000 mortgage with an interest rate of 5.75 percent. After two years, the...

Finance
Q

The body can store some of the things it needs to function Some animals have...

Biology
Q

Which of the following is the LEAST important characteristic of a good hypothesis View Available...

Biology
Q

Find the equation of the line that contains the given points Write the equation in...

Algebra
Q

Which of the following is incorrect? a. The basis of inherited property usually is its...

Accounting
Q

Pigot Corporation uses job costing and the budgeted manufacturing costs for the year are as...

Accounting
Q

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned...

Accounting
Q

Kaune Food Products Company manufactures canned mixed nuts with an average manufacturing cost of $48...

Accounting
Q

Bonds with Detachable Warrants. On June 30, 2016, Cano Corporation issued $8 million of 4%...

Accounting
Q

3. The following transactions took place for the month of January 2022 REQUREED: Show necessary...

Accounting