Camp Elim obtains a $125,000, 6%, five-year loan for a new camp bus on January 1, 2018. What amount will be recorded for interest expense for the first payment on January 31, 2018? a. $625 b. $125 c. $7,500 d. $1,000
Camp Elim obtains a $125,000, 6%, five-year loan for a new camp bus on January 1, 2018. What amount will be recorded for interest expense for the first payment on January 31, 2018?
