A $780,000 note payable requires 9.6% annual interest, or $6,240 to be paid at the 20th day of each…

A $780,000 note payable requires 9.6% annual interest, or $6,240 to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of April 30, $2,080 of interest expense has accrued.

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