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 |
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
Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as...
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