A bank customer received a loan for $13,000 in exchange for a 7 month, 9% note on
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Question:
A bank customer received a loan for $13,000 in exchange for a 7 month, 9% note on October 1, 2013, The note is due on April 30, 2014 If the bank's accounting period ends on December 31 each year, how much interest revenue from this note should be recognized by the bank in the years 2013 and 2014?
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