On january 8, lee co. borrows $100,000 cash from national bank by signing a 90-day, 6% interest-bearing note. on april 8, lee co. will pay national bank a total of $101,500. principal on the note totals $

The principal on the note totals amounts to $100,000

Explanation:

As on January 8, Lee borrows the cash amounts to $100,000 from the Bank by signing a 90 day cash at 6% interest.

The aggregate amount is $101,500 in which the principal amount is $100,000 and remaining balance which is $1,500 is the interest amount ($101,500 - $100,000).

Therefore, the principal amount is $100,000.

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