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IrinaVladis [17]
3 years ago
8

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

December​ 31, 2020.​ (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)
Business
1 answer:
blsea [12.9K]3 years ago
7 0

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

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A zero coupon bond is a bond that does not pay coupon payments and instead pays one lump sum at maturity.

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