Question

For each of the following notes receivable, compute the amount of interest revenue eamed during 2018. Use a 360-day year, and round to the nearest dollar Click the icon to view the notes.) Enter the amount of interest revenue earned during 2018 for each note. Use a 360-day year. (Round your final answers to the nearest whole dollar.) Note 1 Note 2 Note 3 Note 4

Answer 1

Interest revenue earned on Note 1 = 12,000 x 13% x 2/12

= $260

Interest revenue earned on Note 2 = 47,000 x 12% x 45/360

= $705

Interest revenue earned on Note 3 = 22,000 x 6% x 90/360

= $330

Interest revenue earned on Note 4 = 112,000 x 4% x 9/12

= $3,360

Note 1	$260
Note 2	$705
Note 3	$330
Note 4	$3,360

Kindly give a positive rating if you are satisfied with this solution and please ask if you have any query.

Thanks