On April 30, 2007, Synergy Bank loaned $80,000 to Kim Sperry on a one-year, (9 %) note.
Question:
On April 30, 2007, Synergy Bank loaned \$80,000 to Kim Sperry on a one-year, \(9 \%\) note.
Requirements
1. Compute the interest for the years ended December 31, 2007 and 2008 for the Sperry note.
2. Which party has a
a. Note receivable?
c. Interest revenue?
b. Note payable?
d. Interest expense?
3. How much in total would Sperry pay the bank if he pays off the note early-say; on November 30, 2007?
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