Calculating Accrued Interest Expense

The following table includes five separate short-term note payable scenarios.

For each separate scenario, complete the last column in the table by calculating interest expense accrued at the relevant fiscal year-end.

Note: Round your answers to the nearest whole dollar.

	Note Payable	Issuance Date	Term	Stated Rate	Fiscal Year-End	Accrued Interest at Fiscal Year-End
1	$25,000 note payable	September 1, 2020	6-month	6%	December 31	Answer
2	$25,000 note payable	September 30, 2020	6-month	6%	December 31	Answer
3	$10,000 note payable	November 1, 2020	3-month	8%	December 31	Answer
4	$10,000 note payable	November 30, 2020	3-month	8%	December 31	Answer
5	$50,000 note payable	May 31, 2020	12-month	10%	November 30	Answer