Calculate the amount of interest expense related to the loan

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Reference no: EM131810308

Franklin Co. borrowed $30,000 from a bank on August 1, 2017 and agreed to pay it back in eight months at an annual interest rate of 16%.

Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2018 income statement.

Do not use decimals in your answer.

Reference no: EM131810308

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