The amount incurred by a business for borrowed cash is known as interest expenditure. On the income statement, interest expenditure is a non-operating item.
The cost of your computer when paying only the minimum payment is $774
<h3 /><h3>Difference between interest expense and interest paid?</h3>
First, interest cost is an expense item that appears on the income statement, whereas interest payable appears on the balance sheet as a liability account.
Second, interest expense is recorded as a negative, whereas interest payable is recorded as a credit in the accounting records.
interest works.
Use this information to figure out how much your computer will cost if you only make the minimum payment.
If you only pay the absolute necessities each month,
The computer's final cost be
$600
Cost of computer (balance): $600
Annual percentage rate (APR): 12.9%
Minimum Payments: 10
$774
simple interest formula:
A = (P)
For more detail about Interest Payable reference link;
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