Resutek Co. issued a 90-day note payable for $300,000 on November 1, 2019 with an...
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Accounting
Resutek Co. issued a 90-day note payable for $300,000 on November 1, 2019 with an annual interest rate of 8%. Assuming a 360-day year, what amount of interest has accrued as of December 31, 2019? What is the total amount of interest that will be paid on this note (including 2019 and 2020)?
Select one:
a. $2,000 for 2019; $4,000 in total
b. $4,000 for 2019; $6,000 in total
c. $4,000 for 2019; $24,000 in total
d. $2,000 for 2019; $24,000 in total
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