(Answered) Question - vega cestas inc purchased a basket weaving

Accounting

Question - Vega Cestas, Inc purchased a basket weaving machine on January 1. The machine cost $10,000 and the seller accepted an eight month note with an annual interest rate of 8% as payment. Interest accrues monthly on the note, but all interest and principal will be paid when the note matures.

Calculate the amount of interest that will accrue each month on the note.

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