Franklin co borrowed 75000 from a bank on august 1 2006, Ask an Expert

Accounting

Franklin Co. borrowed $75,000 from a bank on August 1, 2006. Theannual interest rate on the loan was 10%. Franklin Co. reportedinterest expense related to this loan in its 2007 income statementof $1,875.

Calculate the number of months that the loan was outstanding (i.e.,the number of months Franklin Co. borrowed the money for).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9992508

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