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Total interest expense on the note for this six-month

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A company borrowed $100,000 from a bank on July 1, 2004. The company made monthly payments of $5,235 on the note at the end of each month from July through December. Total interest expense on the note for this six-month period was $4,410. If this is the company's only note, what amount should the company report on its December 31, 2004 balance sheet for notes payable?

a. $100,000

b. $95,590

c. $73,000

d. $68,590

Reference no: EM13567733

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