Homework Answers
1.
Interest for 2018 = 210,000 x 5/100 x 7/12
= $6,125
Interest for 2019 = 210,000 x 5/100
= $10,500
Interest for 2020 = 210,000 x 5/100 x 5/12
= $4,375
2.
| a | Note receivable | Richmond Bank |
| b | Note payable | Mike Toby |
| c | Interest revenue | Richmond Bank |
| d | Interest expense | Mike Toby |
3.
Interest upto November 31, 2018 = 210,000 x 5/100 x 6/12
= $5,250
Total amount to be paid = Note payable + Interest
= 210,000 + 5,250
= $215250
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