The Note payable is $100000

3.50% The Note was taken out on May 1, 2021 and will be paid back on Jan 31, 2022 in full induding all interest. It is currently Dec 31, 2021. 2B) Calculate simple interest on your Note Payable at a rate of Interest is accrued monthly. What is the interest Payable for 1 month What is the interest payable to date What is the total payable on the note induding interest at Dec 31, 2021 Step 3: JOURNAL ENTRIES 3A) Complete the Journal Entry that would record your Interest Payable on Notes on Dec 31, 2021 fimportant to note that interest payable is recorded monthly, following the rules of the actual method of accounting) Date Account Name Dr Cr TOTAL 3B) Complete the journal entry that would record your Notes Payable and Interest at Jan 31, 2022 after the note has been settled in full. Date Account Name Dr Cr. TOTAL