Computing interest amounts on notes receivable
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.