Computing interest amounts on notes receivable [10 min]
A table of notes receivable for 2012 follows:
Principal | Interest Rate | Interest Period During 2012 | |
Note 1 | $ 30,000 | 8% | 4 months |
Note 2 | 10,000 | 11% | 45 days |
Note 3 | 19,000 | 10% | 75 days |
Note 4 | 100,000 | 7% | 10 months |
Requirement
1. For each of the notes receivable, compute the amount of interest revenue earned during 2012. Use a 360-day year, and round to the nearest dollar.
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