On

SeptemberSeptember

?30,

20162016?,

Team BankTeam Bank

loaned

$ 1 comma 000 comma 000$1,000,000

to

GerryGerry

ConstructionConstruction?,

?Inc., on a? one-year,

99

percent note.Read the requirements

LOADING...

.

Requirement 1. Compute the interest for the years ended December? 31,

20162016

and

20172017?,

on the note. Round interest calculations to the nearest dollar.

Start by determining the formula needed to compute interest.

x

x

=

Amount of interest

Now determine interest for the years ended December? 31,

20162016

and

20172017?,

on the

GerryGerry

ConstructionConstruction

note.

Interest for 2016:
Interest for 2017:

Requirement 2. Which party has

a.

a note? receivable:

? Gerry Construction Team Bank

b.

a note? payable:

? Gerry Construction Team Bank

c.

interest? revenue:

? Gerry Construction Team Bank

d.

interest? expense:

? Gerry Construction Team Bank

Requirement 3. How much in total would

GerryGerryConstructionConstruction?,

?Inc., pay the bank if it pays off the note early on

AprilApril

3030?,

20172017??

Total amount paid would be: