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For each of the following notes receivable, compute the amount of interest revenue eamed during 2018. Use a 360-da...


For each of the following notes receivable, compute the amount of interest revenue eamed during 2018. Use a 360-day year, and
i Data Table Interest Period During 2018 2 months Principal Interest Rate Note 1 .... $ 12,000 13% Note 2 .... 47,000 12% Not
For each of the following notes receivable, compute the amount of interest revenue eamed during 2018. Use a 360-day year, and round to the nearest dollar Click the icon to view the notes.) Enter the amount of interest revenue earned during 2018 for each note. Use a 360-day year. (Round your final answers to the nearest whole dollar.) Note 1 Note 2 Note 3 Note 4
i Data Table Interest Period During 2018 2 months Principal Interest Rate Note 1 .... $ 12,000 13% Note 2 .... 47,000 12% Note 3 22,000 6% Note 4 112,000 45 days 90 days 4% 9 months Print Done 7cd
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Answer #1

Interest revenue earned on Note 1 = 12,000 x 13% x 2/12

= $260

Interest revenue earned on Note 2 = 47,000 x 12% x 45/360

= $705

Interest revenue earned on Note 3 = 22,000 x 6% x 90/360

= $330

Interest revenue earned on Note 4 = 112,000 x 4% x 9/12

= $3,360

Note 1 $260
Note 2 $705
Note 3 $330
Note 4 $3,360

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