Hanna company accepts a note amounting $3,600 for 3-months @ 8% from Bandit company. The date of maturity is July 12. Calculate the interest payable on maturity.C$864$72$168$288

The problem is asking us to calculate the interest payable on maturity for a note. The note has a…

Answered: Hanna company accepts a note amounting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On 1st Sept 2020 Sun and sand LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 120 days. The interest rate is 12%. The amount of interest to be recorded in account on 31 December will be a. RO 80 b. RO 78.9 c. RO 81.35 d. RO 76
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Hanna company accepts a note amounting $3,600 for 3-months @ 8% from Bandit company. The date of maturity is July 12. Calculate the interest payable on maturity. C $864 $72 $168 $288