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Mila [183]
2 years ago
6

On November 1, 2021, Tim's Toys borrows $30,000,000 at 9% to finance the holiday sales season. The note is for a six-month term

and both principal and interest are payable at maturity. What is the balance of interest expense for the loan as of December 31, 2022?
Business
1 answer:
nikdorinn [45]2 years ago
3 0

The  balance of interest expense for the loan as of December 31, 2022 is: $450,000.

<h3>Interest expenses </h3>

Loan was outstanding months= November 2022 to December 2022

Using this formula

Interest expenses=Amount borrowed×Interest rate×2/12

Let plug in the formula

Interest expenses= $30,000,000×9%×2/12

Interest expenses=$450,000

Therefore the interest expenses is $450,000.

Learn more about interest expenses here:brainly.com/question/14697209

#SPJ1

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