Analyzing and Computing Accrued Interest on Notes

Analyzing and Computing Accrued Interest on NotesCompute any interest accrued for each of the following notes payable owed by Penman, Inc.,

Analyzing and Computing Accrued Interest on Notes

Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as of December 31, 2012 (assume a 365-day year).

Round your answers to two decimal places.

Lender Issuance Date Principal Coupon
Rate (%)
  Term Accrued Interest
Nissim 11/21/2012 $18,000 10%   120 days $Answer 197.26
Klein 12/13/2012 14,000 9   90 days $Answer 62.14
Bildersee 12/19/2012 16,000 12   60 days $Answer 63.12

Solution: 

 

Lender Issuance Date Principal Coupon Term
Rate (%) accured interest
Nissim 11/21/2012 $18,000 10% 120 days
Klein 12/13/2012 14,000 9 90 days
Bildersee 12/19/2012 16,000 12 60 days
Solution
interest accured 18000*10/100*40/365 197.26
14000*9/100*18/365 62.14
16000*12/100*12/365 63.12

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