Costos Company issued the following notes during 2016. Find the interest due on each of the notes, using the interest formula method. Show all calculations.
1. A $30,000 note at 9 percent for 180 days, issued February 15.
2. A $7,000 note at 12 percent for four months. issued October 3.
3. A $35,000 note at 10 percent for 180 days, issued October 18.
Analyze: What is the balance in Notes Payable on December 31, 2016, assuming that all notes were paid when due?