If a $2000 loan was issued on October 1 with a 10% interest rate, what will...
If a $2000 loan was issued on October 1 with a 10% interest rate, what will be the interest revenue to accrue on December 31?
Homework Answers
Interest revenue to accrue on December 31 = Loan issued x Interest rate x Time period
= 2,000 x 10% x 3/12
= $50
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