Calculate the amount of interest during 2024, 2025, and 2026 for the following note receivable: On May 31, 2024, Wisconsin State Bank loaned $ 210 comma 000 to Bob Morrison on a two-year, 7% note.
Which party has a/n: (a) note receivable? (b) note payable? (c) interest revenue? (d) interest expense?
How much in total would Wisconsin State Bank collect if Bob Morrison paid off the note early on October 31, 2024?
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Part 1
1. Calculate the amount of interest during 2024, 2025, and 2026 for the following note receivable: On May 31, 2024, Wisconsin State Bank loaned $ 210 comma 000 to Bob Morrison on a two-year, 7% note. (Round the interest amounts to the nearest whole dollar.)
Year
Amount of interest
2024
2025
2026