Marigold borrowed $692000 on October 1, 2020 and is required to pay $716000 on March 1, 2021. What amount is the note payable recorded at on October 1, 2020 and how much interest is recognized from October 1 to December 31, 2020?

The correct answer is $14,400.

Explanation:

According to the scenario, the given data are as follows:

Amount borrowed = $692,000

Required to pay = $716,000

Time period = Oct.1,2020 - Mar.1,2021 = 5 months

So, Total interest = $716,000 - $692,000 = $24,000

So, we can calculate the interest amount from Oct.1 to Dec.31 by using following formula:

Interest amount for 3 months = (Total interest ÷ Time period) × 3

By putting the value, we get

Interest amount for 3 months = ( $24,000 ÷ 5 ) × 3

= $14,400

A. In-depth historical data

Explanation:

When starting a new research project you should always gather in-depth historical data. This form of data will provide you with a wide array of information that other individuals have already gathered and documented regarding the specific topic that you are currently researching. Aside from providing you with valuable information it also provides you with a guide of what sub-topics previous researchers may have missed, which you can then research yourself.