1. Compute the amount of interest during 20X7, 20X8, and 20X9 for the following note receivable: On April 30, 20X7, Centennial Credit Union loaned $100,000 to Heather Hutchison on a 2-year 9% note.
2. Which party has a (an)
a. Note receivable?
b. Note payable? (Challenge)
c. Interest revenue?
d. Interest expense? (Challenge)
3. How much in total would Centennial Credit Union collect if Hutchison paid off the note early-say, on October 30, 20X7?