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On October 1, 2021, Stripes Inc. lends $100,000 to another company and accepts a 24-month, 6% note. What is the amount of interest revenue Stripes will report in its 2023 income statement? $0. $4,500. $12,000. $6,000.

Respuesta :

Samawati

Answer:

$4,500

Explanation:

By the 24th month,  stripes will have cleared paying the interest.

In 2021, stripes will pay interest for three months( Oct, Nov, and Dec)

In 2022, stripes will pay interest for 12 months

in 2023, stripes will pay interest for 24-(3+12)= nine months

Interest for nine months.

Interest = P x R X T

P =$100,000

R= 6%

T= 9 months

=$100,000 x 6/100 x 9/12

=$100,000x  0.06 x 0.75

=$6000 x 0.75

=$4,500