Homework Answers
| SOLUTION : | ||
| Date of Note Receivable = | Octobet 01, 2020 | |
| Value of Note Receivable = | $ 7,000.00 | |
| Interest Rate of note Receivable = | 14% | |
| Period expired till December 31, 2020 = | 3 Months | |
| (Oct, Nov & Dec) | ||
| Interest on note receivable = $ 7,000 X 14% X 3 month / 12 month | ||
| Interest on note receivable = $ 980 X 3 monts / 12 months | ||
| Interest on note receivable = $ 245 | ||
| Answer = Option A = $ 245 | ||
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