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S9-9 Computing interest amounts on notes receivable A table of notes receivable for 2018 follows: Principal Interest Rate Interest Period During 2018 Note 1 $ 30,000 6% 6 months Note 2 12,000 10% 270 days Note 3 14,000 14% 75 days Note 4 100,000 7% 10 months For each of the notes receivable, compute the amount of interest revenue earned during 2018. Round to the nearest dollar.

S9-9 Computing interest amounts on notes receivable A table of notes receivable for 2018 follows: Principal Interest Rate Interest Period During 2018 Note 1 $ 30,000 6% 6 months Note 2 12,000 10% 270 days Note 3 14,000 14% 75 days Note 4 100,000 7% 10 months For each of the notes receivable, compute the amount of interest revenue earned during 2018. Round to the nearest dollar.

FINANCIAL ACCOUNTING
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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Learning Objective 4 S9-9 Computing interest amounts on notes receivable A table of notes receivable for 2018 follows: Principal Interest Rate Interest Period During 2018 Note 1 $ 30,000 6% 6 months Note 2 12,000 10% 270 days Note 3 14,000 14% 75 days Note 4 100,000 7% 10 months For each of the notes receivable, compute the amount of interest revenue earned during 2018. Round to the nearest dollar. CHAPTER
Transcribed Image Text:Learning Objective 4 S9-9 Computing interest amounts on notes receivable A table of notes receivable for 2018 follows: Principal Interest Rate Interest Period During 2018 Note 1 $ 30,000 6% 6 months Note 2 12,000 10% 270 days Note 3 14,000 14% 75 days Note 4 100,000 7% 10 months For each of the notes receivable, compute the amount of interest revenue earned during 2018. Round to the nearest dollar. CHAPTER
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