I really need help calculating the interest expense. Im really confused. I\'d ap

Question

I really need help calculating the interest expense. Im really confused. I'd appreciate it if you could please show me your work, Thank you!!! :D June 2: Computer equipment cost $145,000 with a down payment of $29,000 with $116,000 left. June 10 (8 days later): Another payment of $22,250 was made with a remaining of $93,750 left. The interest rate is 12% annually. Interest expense should be computed based on a 360 day year. Interest expense must be calculated for the $116,000 for 8 days and the $93,750 balance for the 20 days left of June.

Explanation / Answer

www.southington.org/filestorage/305/506/TCMinutes05-09-05.pdf this link might be helpful to you...............

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