Paragraph Part 1: Interest and Inventory Costs Instructions: Calculate the following HNL finance scenarios. 1. On January 3, 2016. HNL negotiated a short-term loan of $685,000. The loan was due October 1 2016, and carried a 6.86% interest rate. a What is the total amount HNL paid on the maturity date? Use ordinary interest to calculate the interest. Show your work in the space provided. b. In a few complete sentences, explain how you calculated the answer. 2. On January 1, HNL had an inventory costing $95.000. During January, HNL had net purchases of 5118,900. Over recent years. HNL's gross profit in January has averaged 45% on sales. The company's net sales in January were $210,800. a. What is the estimated cost of ending inventory using the gross profit method? Show your work in the space provided. b. In a few complete sentences, explain how you calculated the