My Institution Cour ACC 111:-Principles of Accounting I -Section 06 Fall 2017 my

Question

My Institution Cour ACC 111:-Principles of Accounting I -Section 06 Fall 2017 myBusinessCourseChapter 10 Homework sinessCourse Menu Accrued Interest Payable Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on December 31: Use 360 days for calculations and round the nearest dollar. Lender Date of Note Principal Interest Rate (%) Term Maple November 21 $25,000 Wyman December 13 21,000 Nahn December 19 25,000 12% 10% 9% 60 days 120days 90 days Lender Accrued Interest Maple s Wyman Nahn Check A. 0

Explanation / Answer

Lender Accruedb interest:-

A) maple: 342

25000*12%*(41/260)=342

B) wyman : 111

21000*10%*(19/360)

C) Nahn : 81

25000*9%(13/360)=81

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