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Question - On November 26, 2021, Lucky Shamrocks Inc. asks to extend its past-due $5,000 accounts payable to Charms R Us. After some negotiations, Charms R Us agrees to accept $500 cash and a 60-day, 5%, $4,500 note payable to replace the accounts payable. On December 31, 2021, Lucky Shamrocks Inc.'s year-end, accrued interest on the notes payable.
Required - Determine the amount of interest accrued from the note issue date to December 31, 2021.
a. 21.58
b. 23.97
c. 41.10
d. 36.99
e. 15.41
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