Question: On June 30 2013 Nature Bank loaned 2 000 000 to Gary

On June 30, 2013, Nature Bank loaned $2,000,000 to Gary Simon on a one-year, 7% note.
Requirements
1. Compute the interest for the years ended December 31, 2013 and 2014, on the Simon note.
2. Which party has
a. A note receivable?
b. A note payable?
c. Interest revenue?
d. Interest expense?
3. How much in total would Simon pay the bank if he pays off the note early— say, on January 31, 2014?

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  • CreatedJuly 08, 2015
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