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Calculate the total amount of interest expense

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Reference no: EM132790273

On August 1, 2020 company A borrowed $10,150 from a bank on a 6%, 8-month note payable. On May 31, 2021 Company A borrowed $15,000 from a bank on a 10% 11 month note payable.

Problem 1: Calculate the total amount of interest expense that company A would report in its 2021 income statement.

Reference no: EM132790273

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