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How much interest expense will Roman accrue on March

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Question - Roman Co. borrows $20,000 on February 15, 2019. The loan's maturity is August 15, 2019 and the annual interest rate is 9%. Interest is paid on May 15, 2019, and again at maturity. Roman closes its books to prepare financial reports quarterly on March 31, June 30, September 30, and December 31.

Required -

a. How much interest expense will Roman accrue on March 31?

b. How much cash interest will Roman pay on May 15?

c. How much total cash will Roman pay on August 15?

d. How much total interest expense will Roman record over the 6 months that the loan is outstanding?

Reference no: EM133071157

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