Multiple Choice
Burlingame Co.is purchasing a new forklift to be used in its warehousing operations.Burlingame borrowed $120,000 from its bank in return for an installment note with 8% interest.Burlingame will make 6 equal annual payments of $25,958.Interest expense for the first period equals:
A) $16,358.
B) $7,523.
C) $9,600.
D) $25,958.
Correct Answer:
Verified
Correct Answer:
Verified
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