Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $18,000 8% 120 days A June 9 September 6

Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,500    5% 60 days 16 R. Hillier 12/3/-- 4,800    6 90 28 B. Miranda 11/30/-- 3,200    8 90 31 R. Hansen 11/18/-- 7,300    7 120 43 Required: Question Content Area 1.  Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.

Accrued Interest PayableCompute 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 11/21 $18,000 10   120 days Wyman 12/13 5,000 8   90 days Nahn 12/10 16,000 12   60 days   Lender Accrued Interest Maple Answer Wyman Answer Nahn Answer

Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 787.5 6 months $1,575 9