On October 1, 2019, Westfield, Inc. sold machinery to a customer for $25,000. The customer could not pay at the time of sale, but agreed to pay 12 months later, and signed a 12-month note at 9% interest. How much interest revenue was earned during 2019? Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.

Question

Quizplus · Accepted Answer

The Answer of On October 1, 2019, Westfield, Inc. sold machinery to a customer for $25,000. The customer could not pay at the time of sale, but agreed to pay 12 months later, and signed a 12-month note at 9% interest. How much interest revenue was earned during 2019? Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.