On November 1, Year 1, Noble Co. borrowed $80,000 from South Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. Required information Refer to the information above.
At December 31, Year 1, Noble Co.'s overall liability for this loan amounts to:
$80,000. $81,600. $83,200. $84,800.