What amount of cash will be needed to pay back, Accounting Basics

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What amount of cash will be needed to pay back

Question: On December 1, 2023, Captain Iron Works signed a $600,000, 5% note payable with the amount borrowed plus accrued interest due on May 31, 2024. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 31, 2024? $600,000 $617,500 $615,000 $630,000

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Accounting Basics: What amount of cash will be needed to pay back

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