Answered: On September 1, Purifier Company…

On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How much interest will Purifier pay on March 1? $480 $80 $240 $160 None of these.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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Question

On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How much interest will Purifier pay on March 1?

$480

$80

$240

$160

None of these.

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