#1 Accounts receivable in the amount of $1,500 were assigned to Untimely Finance Co. by Mars as security for a loan of $1,300. Untimely charged a 3% commission on the accounts; the interest rate on the note is 12%.

#2 During the first month, Mars collected $600 on assigned accounts.

#3 The following month Mars made a payment on the note based on the above accounts receivable collections. Record payment of the note and interest