The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. If interest is compounded annually, the total amount of interest on an $18,000 note payable for 4 years at 10% is
A) $8,500
B) $7,200
C) $5,706
D) $8,352

Question

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The Answer of The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. If interest is compounded annually, the total amount of interest on an $18,000 note payable for 4 years at 10% is
A) $8,500
B) $7,200
C) $5,706
D) $8,352

The Solution to This Problem Requires Time Value of Money