On November 1, 2020, Jackson Inc. signed a 90 day note payable
at 6% interest, to borrow $120,000. How much interest expense is
created by this note payable as at December 31, 2020? (Use 365 days
a year. Do not round intermediate calculations and round the final
answer to 2 decimal places.)
Homework Answers
Answer: The correct option is C i.e. $1,183.56
Interest Expense = Face Value of Notes Payable * Interest Rate *
No. of Days
Interest Expense = $120,000 * 6%* 60/365
Interest Expense = $1,183.56
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