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A 1-Year,$30,000,10 Percent Note Is Signed on May 1

Question 106

Multiple Choice

A 1-year,$30,000,10 percent note is signed on May 1.If the note is repaid on October 1 of the same year,how much interest expense is incurred?

A) $2,000
B) $625
C) $1,250
D) $600

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