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A $20,000, 3-month, 8% note payable was issued on November 1, 2015. The amount of accrued...

A $20,000, 3-month, 8% note payable was issued on November 1, 2015. The amount of accrued interest on December 31, 2015 is

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Answer #1

The answer is $1066.67

Explanation:

Accrued interest on December 31st, 2015 = 20,000 x 8% x 2/3

= $1066.67

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