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34. The note payable relating to the June 2 , and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $128,000. On June 10 , eight days later, $24,500 was repaid. Interest expense must be calculated on the $128,000 for eight days. In addition, interest expense on the $103,500 balance of the loan ($128,000 less $24,500=$103,500) must be calculated for the 20 days remaining in the month of June.]