The note payable to Royce Computers (transactions 04 and 08) is a five-year note, with interest...
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The note payable to Royce Computers (transactions 04 and 08) is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. |
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[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $120,000.00. On June 10, eight days later, $23,000.00 was repaid. Interest expense must be |
| calculated on the $120,000.00 for eight days. In addition, interest expense on the $97,000.00 balance of the loan ($120,000.00 less $23,000.00 = $97,000.00) must be calculated for the 20 days remaining in the month of June.] |
Homework Answers
Balance of note = $ 97,000.
From June 10 to June 30, there are 20 days.
Interest rate = 12 %.
Interest amount = (97,000 x 12%)/360 x 20
Interest amount = $ 647.
Hence, $ 647 is the correct answer.
SUMMARY:
$ 647 is the correct answer.
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