Suppose that a university decides to spend $1 million to upgrade personal computers and scientific equipment for faculty rather
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Answer:
the question is incomplete, so I looked for a similar one online:
December 31, year 1:
interest expense = $5,300,000 x 12% x 6/12 = $318,000
September 30, year 1:
interest expense = $5,300,000 x 10% x 3/12 = $132,500
October 31, year 1:
interest expense = $5,300,000 x 9% x 4/12 = $159,000
January 31, year 2:
interest expense = $5,300,000 x 6% x 7/12 = $185,500
