Accrued Interest Payable
Compute the interest accrued on each of the following notes payable owed by Galloway, Inc., on December 31:
Use 360 days for calculations and round the nearest dollar.
Lender | Date of Note | Principal | Interest Rate | (%) | Term |
---|---|---|---|---|---|
Barton | December 04 | $17,000 | 12% | 120 days | |
Lawson | December 13 | 19,000 | 9% | 90 days | |
Riley | December 19 | 23,000 | 10% | 60 days |
Lender | Accrued Interest |
---|---|
Barton | $ |
Lawson | |
Riley |