Question

Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as...

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
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Homework Answers

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)
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