Franklin Co. Borrowed $60,000 from a bank on July 1, 2007 and agreed to pay it back in ten months
At an interest rate of 14% per year.
Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2008
Income statement. Do not use decimals in your answer.

I'm confused as to how many months I should multiply it to.

The loan is for 10 months starting on Jul 1, 2007 so there was 6 months used in 2007 (Jul-Dec). So there is 4 months of interest remaining in 2008.

Interest = Principal * Rate * Time
Interest = $60,000 * 14% * 4/12