Question: Waren has a $60,000 two-year note payable to First American Bank & Trust dated December 18, 2017. The stated annual interest rate on the note

Waren has a $60,000 two-year note payable to First American Bank & Trust dated December 18, 2017. The stated annual interest rate on the note is 5%. The terms of the note payable:

$3,000 interest payments on 12/18/18 and 12/18/19

$60,000 principal payment on 12/18/19

Interest accruals are calculated using a 365 day year with the day after the note was made counting as the first day.

Show calculation of Interest expense and Interest payable

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