Multiple Choice
ABC Company signed a one-year $12,000 note at 8% interest on May 1, 2010. If the company paid the note in full on December 31, 2010, they would owe the bank $12,640. How much interest expense must be accrued on December 31, 2010?
A) $960
B) $320
C) $640
D) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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