Problem 16.1A Computing interest on notes payable. LO 16-2 Costos Company issued the following notes during 2016. Find the interest due on each of the notes, using the interest formula method. (Use 360 days a year.) Interest 1.1 ASI 2,000 note at 8 percent for 180 days, issued February 15. 2. A $5,200 note at 12 percent for three months, issued October 3.$ 3. A $17,000 note at 9 percent for 120 days, issued October 18.$ 480 156 510 Analyze: What is the balance in Notes Payable on December 31, 2016, assuming that all notes were paid whern due? Balance in notes payable