1. Compute the amount of interest during 2015, 2016, and 2017 for the following note receivable: On June 30, 2015, Scotiabank loaned $100,000 to Heather Hutchison on a two-year, 8% 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 Scotiabank collect if Hutchison paid off the note early-say, on October 30, 2015?