Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,500 5% 60 days 16 R. Hillier 12/3/-- 4,800 6 90 28 B. Miranda 11/30/-- 3,200 8 90 31 R. Hansen 11/18/-- 7,300 7 120 43 Required: Question Content Area 1. Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.
Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,500 5% 60 days 16 R. Hillier 12/3/-- 4,800 6 90 28 B. Miranda 11/30/-- 3,200 8 90 31 R. Hansen 11/18/-- 7,300 7 120 43 Required: Question Content Area 1. Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Accrued Interest Receivable
The following is a list of outstanding notes receivable as of December 31, 20--:
| Maker | Date of Note | Principal | Interest | Term | No. of Days |
| K. Savelin | 12/15/-- | $1,500 | 5% | 60 days | 16 |
| R. Hillier | 12/3/-- | 4,800 | 6 | 90 | 28 |
| B. Miranda | 11/30/-- | 3,200 | 8 | 90 | 31 |
| R. Hansen | 11/18/-- | 7,300 | 7 | 120 | 43 |
Required:
Question Content Area
1. Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.
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