1. Compute the amount of interest during 2010, 2011, and 2012 for the following note receivable:
On April 30, 2010, BCDE Bank lent $170,000 to Carl Abbott on a two-year, 7% note.
2. Which party has a (an)
a. Note receivable?
b. Note payable?
c. Interest revenue?
d. Interest expense?
3. How much in total would BCDE Bank collect if Carl Abbott paid off the note early say, on November 30, 2010?