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Candy Company borrowed $16,000 on a 7-month, 9% note from Gopher State Bank to open...

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Accounting

Candy Company borrowed $16,000 on a 7-month, 9% note from Gopher State Bank to open their business, MK's Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018.

Determine the cash paid for interest in 2017?

Determine the cash that Candy Company must pay on January 1, 2018?

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