Question: Computing interest amounts on notes receivable A table of notes receivable for 2018 follows: Principal Interest Rate Interest Period During 2018 Note 1 $ 70,000
Computing interest amounts on notes receivable A table of notes receivable for 2018 follows:
Principal Interest Rate Interest Period During 2018 Note 1 $ 70,000 6% 3 months Note 2 8,000 12% 45 days Note 3 28,000 8% 270 days Note 4 150,000 5% 6 months For each of the notes receivable, compute the amount of interest revenue earned during 2018. Round to the nearest dollar. (Use a 365-day year for the notes with interest periods in days and a 12-month year for notes with interest periods in months.)
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