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A table of notes receivable for 2016 follows: Principal Interest Rate Interest Period During 2016 Note 1 $ 50,000 8% 6 months Note 2 6,000
A table of notes receivable for 2016 follows: Principal Interest Rate Interest Period During 2016 Note 1 $ 50,000 8% 6 months Note 2 6,000 10% 90 days Note 3 18,000 6% 180 days Note 4 130,000 7% 9 months For each of the notes receivable, compute the amount of interest revenue earned during 2016. Round to the nearest dollar. (Use a 360-day year for the notes with interest periods in days and a 12-month year for notes with interest periods in months.) Note 1 Note 2 Note 3 Note 4
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