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Find accrue one month of interest expense on note payable

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Reference no: EM132940048

October 1 - Bought office equipment for $15,000 and signed a three-year promissory note with a local bank. The annual interest rate is 5%, with monthly payments of $449.56 beginning on November 1.

Problem 1: Accrue one month of interest expense on the note payable.

Reference no: EM132940048

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