Business

Devon Austin

1 October, 19:25

A table of notes receivable for 2018 follows:

For each of the notes receivable, compute the amount of interest revenue earned during

2018.

Round to the nearest dollar. (Use a 365 - day year for the notes with interest periods in days and a 12-month year for notes with interest periods in months.)

Note 1

Note 2

Note 3

Note 4

Principal

Interest Rate

Interest Period During 2018

Note 1

$30,000

4%

3

months

Note 2

16,000

8%

90

days

Note 3

18,000

10%

180

days

Note 4

150,000

12%

6

months