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Mazyrski [523]
3 years ago
11

Sodium Inc. borrowed $175,000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much inter

est is recognized for the period from April 1 to December 31?
Business
1 answer:
Oksanka [162]3 years ago
6 0

Answer:

The amount of interest that is recognized for the period from April 1 to December 31 is $15,750

Explanation:

According to the given data we have the following:

interest=12%

From April 1 to December 31 we have 9 months

Sodium Inc. borrowed $175,000

Therefore, in order to calculate the amount of interest that is recognized for the period from April 1 to December 31 we would have to make the following calculation:

Interest for 9 months= $175,000 x 12% x 9 months / 12

Interest for 9 months=$15,750

The amount of interest that is recognized for the period from April 1 to December 31 is $15,750

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