How do you work this Transaction?
The note payable relating to the june 2, and 10 transactions is a five year note, with interest at the rate of 12% annually. The June interest expense from this note is $1,031.33
June 2: A down payment of $32,000 in cash was made on additional computer equipment that was purchased for $160,000. A five-year note was executed by Byte for the balance.