On november 1 2016 sassycat treat co borrows 30000000 at 9, Ask an Expert

Accounting

On November 1, 2016, SassyCat Treat Co. borrows $30,000,000 at 9% to finance the holiday sales season. The note is for a six-month term and both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2016?
$225,000.
$1,350,000.
$450,000.
$112,500.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91765604

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