On April 30, 2010, Citibank loaned $100,000 to Grant Hughes on a one-year, 6% note. Requirements 1.
Question:
On April 30, 2010, Citibank loaned $100,000 to Grant Hughes on a one-year, 6% note.
Requirements 1. Compute the interest for the years ended December 31,2010 and 2011, 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, 2010?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: