Louisiana State University, Shreveport ACCOUNTING ACCOUNTING 701 Question: Company borrows $10,000 from bank on November 1, 2019. The interest rate is 6% annually. What is the interest expense in 2019? Answer: 100
Company borrows $10,000 from bank on November 1, 2019. The interest rate is 6% annually. What is the interest expense in 2019?
I want to make sure is I did this correctly. Is the correct way to calculate this is divide 6% by 12 then multiply by 10000 10000*(0.06/12) ?
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