On April 30, 2013, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1.

Question:

On April 30, 2013, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note.
Requirements
1. Compute the interest for the years ended December 31, 2013 and 2014, on the Hughes 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 Hughes pay the bank if he pays off the note early— say, on November 30, 2013?