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winn co. signs a 60 day note payable for a $15,000 copy machine with an interest rate of 8%. winn will record total interest expense of

Sagot :

Answer:

200

Explanation:

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Based on the information given  Winn will record total interest expense of $200.

Using this formula

Total interest expense=Principal amount× Interest rate ×Time

Where:

Principal amount=$15,000

Interest rate=8%

Time=60 days/360

Let plug in the formula

Total interest expense=$15,000 x .08 x (60/360) = $200.

Total interest expense=$200

Inconclusion  Winn will record total interest expense of $200.

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