Classic corporation borrowed 90000 from the bank on, Ask an Expert

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Classic Corporation borrowed $90,000 from the bank on November 1, 2011. The note had an 8 percent annual rate of interest and matured on April 30, 2012. Interest and principal were paid in cash on the maturity date.

What amount of cash did Classic pay for interest in 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9432443

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