Franklin co borrowed 60000 from a bank on july 1 2017 and, Financial Accounting

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Franklin co borrowed 60000 from a bank on july 1 2017 and

Franklin Co. borrowed $60,000 from a bank on July 1, 2017 and agreed to pay it back in ten months at an interest rate of 16% per year.

Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2018 income statement. Do not use decimals in your answer.

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Financial Accounting: Franklin co borrowed 60000 from a bank on july 1 2017 and

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