On November 1, 2018, Tim's Toys borrows $30,000,000 at 9% to finance the holiday sales season. The note is a six-month term and both principal and interest are payable at maturity. What is the balance of loan interest payable of December 31, 2018? a. $112,500 b. $1,350,000 c. $225,000 d. $450,000

The correct answer is option (D).

Explanation:

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

Money borrowed = $30,000,000

Rate of interest = 9%

Time = 2 months

So, we can calculate the balance of loan interest payable by using following formula :

Balance of loan interest = ( Money borrowed × Rate of interest × Time ) / 12

= ( $30,000,000 × 9% × 2 months ) / 12

= $450,000

Hence, the balance of loan interest payable is $450,000.

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