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Determine the amount borrowed by wild quest

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Question - On May 15, Wild Quest Clothiers borrowed some money on a 5-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $420.

(a) Determine the amount borrowed by Wild Quest.

(b) Assume the amount borrowed was $15,120. What was the interest rate if the amount of interest owed was $567?

(c) Prepare the entry for the initial borrowing and the repayment for the facts in part (a).

Reference no: EM132161874

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