Compute the total interest accrued on notes payable owed by by Biowow, Inc. as of December...
Compute the total interest accrued on notes payable owed by by Biowow, Inc. as of December 31, 2019 (assume a 365-day year). Information for Biowow's notes payable are below. Lender Issuance Date Principal Coupon Rate (%) Term Tillens 11/13/2019 $40,000 8 120 days Zappa 12/09/2019 $32,000 6 90 days Kumar 12/19/2019 $36,000 4 60 days
Homework Answers
|
Lender |
Issuance Date |
Principal |
x Coupon Rate |
x Period |
Interest Accrued |
|
Tillens |
11/13/2019 |
$40,000 |
8% |
48/365 |
$420.82 |
|
Zappa |
12/09/2019 |
$32,000 |
6% |
22/365 |
$115.73 |
|
Kumar |
12/19/2021 |
$36,000 |
4% |
12/365 |
$47.34 |
In order to compute accrued interest as of December 31, 2019, time period needs to compute as number of days from date of issuance to December 31, 2019.
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