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Find the accrued interest based on the interest rate

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Reference no: EM132686802

Question - A corporation borrowed $30,000 as a small business loan from a local bank in 2018. The loan is an 'interest only' at a fixed rate of 8% per year. A balloon payment of the principal will be due in 5 years. The annual interest payment is due on the 31st of December. 

Find the accrued interest based on the interest rate x loan amount x time of interest period.

What is the journal entry for this transaction?

Reference no: EM132686802

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