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20-12-2022
Business

Answered

a $48,000, three - month, 8% note payable was issued on december 1, 2024. what is the amount of accrued interest on december 31, 20242 (do not round any intermediate answer to the nearest dollar.)

Answer :

Tutorconsortium704 Tutorconsortium704

24-12-2022

The amount of accrued interest on december 31, 20242 (do not round any intermediate answer to the nearest dollar.) is $400.

What is Accrued interest?

Accrued interest is the amount of interest that has been owed on a loan or other financial obligation as of a given date but has not yet been paid. For the lender or the borrower, accumulated interest may take the form of accrued interest revenue or accrued interest expenditure.

Calculation of Accrued interest:

Annual Interest = $48,000x10%

= $4,800

Interest for three months = $4,800x3/12

= $1,200

Accrued interest on 31st Dec = $1,200/3

= $400

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