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Calculate the missing amount for each of the following notes receivable

Calculate the missing amount for each of the following notes receivable.

 

Face

Value

Annual

Interest rate

Fraction of

the Year

Interest

$15,000

4%

8 months

(a)

$25,000

8%

(b)

$500

$30,000

(c)

4 months

$500

(d)

6%

6 months

$600

 

 

 

157. On February 1, 2015, a company loans one of its employees $20,000 and accepts a nine-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2015.

 

 

158. On July 1, 2015, a company loans one of its employees $20,000 and accepts a nine-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2015 and 2016.

Jan 27 2020 View more View Less

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