Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as...
Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as of December 31, 2015 (use a 365-day year):
Lender |
Issuance Date |
Principal |
Interest Rate (%) | Term |
|---|---|---|---|---|
| Nissim | 11/21/2015 | $20,000 | 12% | 120 days |
| Klein | 12/13/2015 | 16,000 | 9% | 90 days |
| Bildersee | 12/19/2015 | 18,000 | 10% | 60 days |
Round your answer to two decimal places.
| Nissim | Answer |
| Klein | Answer |
| Bildersee | Answer |
Homework Answers
Ans
| Nissim | $263.01 |
| Klein | $71.01 |
| Bildersee | $59.18 |
Explanation:
1) Nissim : 11/21 to 12/31 = 40 days
=$20000 × 12%= $2400
=$2400×40days/ 365 days
=$263.01
2) Klein: 12/13 to 12/31= 18 days
=$ 16000 ×9% =$1440
= $1440 × 18 days/ 365 days
= $ 71.01
3) Bildersee: 12/19 to 12/31= 12 days
= $ 18000 × 10% = $1800
=$1800 × 12days / 365 days
= $ 59.18
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