John borrowed 60000 from a bank on july 1 2007 and agreed

Reference no: EM13596138

John borrowed $60,000 from a bank on July 1, 2007 and agreed to pay it back in ten months at an interest rate of 14% per year.Calculate the amount of interest expense related to this loan reported in johns 2008 income statement.

Reference no: EM13596138

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John borrowed 60000 from a bank on july 1 2007 and agreed

Reference no: EM13596138

Reference no: EM13596138

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