Calculate balance of interest payable for the loan, Accounting Basics

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Calculate balance of interest payable for the loan

Response to the following problem:

On November 1, 2016, SassyCat Treat Co. borrows $30,000,000 at 9% to finance the holiday sales season. The note is for a six-month term and both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2016?

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Accounting Basics: Calculate balance of interest payable for the loan

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