A sixminusmonthnote receivable for $ 9 comma 000at 14%,dated October 1, 2020, has accrued interest revenue of ________ as of

Question

3 years ago

8

December 31, 2020. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

1 answer:

blsea [12.9K] · Answer 1 · 2022-03-23T07:59:24+03:00

Answer: $315

Explanation:

The following information can be gotten from the question:

Amount = $9000

Rate = 14%

The receivable was held from October to December. This means it was shelf for 3 months.

Therefore, the accrued interest revenue will be:

= $9000 × 14% × (3/12)

= $9000 × (14/100) × (1/4)

= $9000 × 0.14 × 0.25

= $315

The accrued interest is $315

A sixminusmonthnote receivable for $ 9 comma 000at 14​%,dated October​ 1, 2020, has accrued interest revenue of​ ________ as of