Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   ABC Company signed a 5-year note payable for $80,000 at 9% annual interest. What is (https://www.askmehelpdesk.com/showthread.php?t=606735)

  • Oct 25, 2011, 09:48 AM
    ashleybrigman04
    ABC Company signed a 5-year note payable for $80,000 at 9% annual interest. What is
    ABC Company signed a 5-year note payable for $80,000 at 9% annual interest. What is the interest expense for December 31, 2009 if the note was signed on May 1, 2009
  • Oct 26, 2011, 06:47 AM
    pready
    Interest = Principal * Rate * Time
    Take the amount of the note * the annual interest rate * time

    So: $80,000*9%*9/12 = Interest

  • All times are GMT -7. The time now is 07:34 AM.