reima Class Search/ Course Catalog ACC231-Wolfe Spring 2018 Homework: HW07 Score

Question

reima Class Search/ Course Catalog ACC231-Wolfe Spring 2018 Homework: HW07 Score: 0.3 of 1 pt (SE-25A (similar to) 10 of 10 (10 complebe) On April 30, 2016, Queen Bank loaned $900,000 to George Auto Repair, Inc, on a one-year, 8 percent note. Read the requirements Requirement 1. Compute the interest for the years ended December 31, 2016 and 2017, on the note. Round interest calculations to the nearest dollar Start by determining the formula needed to compute interest Time Interest rate Principal Amount of interest Now determine interest for the years ended December 31, 2016 and 2017, on the George Auto Repair note. Interest for 2016: interest for 2017 Enter any number in the edit fields and then click Check Answer Clear All remaining 20 8

Explanation / Answer

Interest for 2016 = $900,000 × 8% × 8/12 = $48,000

Interest for 2017 = $900,000 × 8% × 4/12 = $24,000

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