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M8-10 Using the Interest Formula to Compute Interest [LO 8-3] Complete the following table by computing the missing amounts for the following independent cases. (Do

M8-10 Using the Interest Formula to Compute Interest [LO 8-3]

Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.)

Principal Amount on Note Receivable

Annual Interest Rate

Time Period

Interest Earned

a.

$70,000

11.2

%

6 months

b.

$44,000

%

9 months

$3,432

c.

9.4

%

12 months

$3,196

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