ered Roscoe Company purchased equipment on November 1, 2015 and gave a 11-month, 6% note with a face value of $45,552 to pay for the equipment. Interest and principle are paid back when the entire loan is due. What is the amount of total cash paid back at the end of the loan, including principle and interest (this is a simple interest loan)? 48,285.12

ered Roscoe Company purchased equipment on November 1, 2015 and gave a 11-month, 6% note with a face value of $45,552 to pay for the equipment. Interest and principle are paid back when the entire loan is due. What is the amount of total cash paid back at the end of the loan, including principle and interest (this is a simple interest loan)? 48,285.12

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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