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
![]() |
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
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. |