Multiple Choice
On November 1, 2014, Chancellor Co. borrowed $80,000 from State Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. At December 31, 2014, Chancellor Co.'s overall liability for this loan amounts to:
A) $83,200
B) $84,800
C) $80,000
D) $81,600
Correct Answer:
Verified
Correct Answer:
Verified
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