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Roman55 [17]
2 years ago
7

jingle company signs a 6-month, $20,000 note. stated interest rate is 8% payable at the maturity date. interest incurred on the

note is calculated as
Business
1 answer:
SIZIF [17.4K]2 years ago
5 0

The interest that Jingle Company will incur on the note is calculated as $800.

Interest Expense is incurred as payment for the use of the funds for a period of six months at 8% annual interest.

Data and Calculations:

Note Payable = $20,000

Stated interest rate = 8%

Payment period = 6 months

Interest incurred = $800 ($20,000 x 8% x 6/12)

Thus, since the maturity date of the note is in six months, the interest incurred by Jingle Company is $800.

Read more: calculating interest on note payable at brainly.com/question/19755278

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