Business, 09.10.2019 05:00 godzilla24
Magenta company purchased a machine from pink corporation on october 31, 2018. in payment for the $288,000 purchase, magenta issued a one-year installment note to be paid in equal monthly payments of $25,588 at the end of each month. the payments include interest at the rate of 12%. the amount of interest expense that magenta will report in its income statement for the year ended december 31, 2018, is:
(a) $5,760.
(b) $5,533.
(c) $2,559.
(d) $2,880.
Answers: 2
= $2880Principal repayment for the month = $25,588 - $2880 = $22,708similarly:-
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