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On June 1, 2014, Siebens Enterprises loaned $20,000 to Tyler Company for one year at...

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Question

Accounting

On June 1, 2014, Siebens Enterprises loaned $20,000 to Tyler Company for one year at 8 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one year's interest on May 31, 2015. What total amount of cash will Siebens collect on May 31, 2015?

None of these

$21,600

$20,667

20,000

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