Question

Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as of December 31, 2015 (use a 365-day year):

Lender	Issuance Date	Principal	Interest Rate (%)	Term
Nissim	11/21/2015	$26,000	10%	120 days
Klein	12/13/2015	22,000	9%	90 days
Bildersee	12/19/2015	24,000	12%	60 days

Round your answer to two decimal places.

Nissim	Answer
Klein	Answer
Bildersee	Answer

Answer 1

Interest accrued for Nissim

Interest accrued for Nissim = $26,000 x 10.00% x (40 Days / 365 Days)

Interest accrued for Nissim = $284.93

(40 Days is from 11/21/2015 to 12/31/2015)

Interest accrued for Klein

Interest accrued for Klein = $22,000 x 9.00% x (18 Days / 365 Days)

Interest accrued for Klein = $97.64

(18 Days is from 12/13/2015 to 12/31/2015)

Interest accrued for Bildersee

Interest accrued for Bildersee = $24,000 x 12.00% x (12 Days / 365 Days)

Interest accrued for Bildersee = $94.68

(12 Days is from 12/19/2015 to 12/31/2015)