Multiple Choice
Mission Corp. borrowed $50,000 cash on April 1, 2016, and signed a one-year 12%, interest-bearing note payable. The interest and principal are both due on March 31, 2017. What is the amount to be paid to the bank on March 31, 2017 for interest and principal?
A) $50,000.
B) $51,500.
C) $54,000.
D) $56,000.
Correct Answer:
Verified
Correct Answer:
Verified
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