A business borrows 100,000 from a bank on July 1, 2008 . Under the agreement with the bank, the loan must be repaid in full on June 30, 2009, with interest at 6 a year.
The business wants to prepare financial statements for the year ended December 31, 2008 . How much interest expense should it report for that year?
a. 0
b. 3,000
c. 6,000
d. 12,000
Question 2
The ___________________ _ method is a depreciation method in which the depreciable cost is divided by the estimated useful life.
Fill in the blank(s) with correct word
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Math for Business and Finance: an Algebraic Approach, 3rd Edition Jeffrey Slater