E8-7 On April 30, 20X7. First National Bank of Kansas City lent $1,000,000 to Marjorie Redwine on a two-year, 9% note. Required1.

Compute the interest during 20X7, 20X8, and 20X9 for the Redwine note receivable.2.

Which party has a

a. Note receivable?

b. Note payable?

c. Interest revenue?

d. Interest expense?3.

How much in total would Redwine pay First National Bank if she paid off the note early-say, on November 30, 20X7?