The notes listed below were issued by Keller Company during 2016:
1. A $9,500 note at 10 percent for 90 days, issued on June 15.
2. A $20,000 note at 6 percent for 30 days, issued on August 21.
3. A $30,000 note at 7.5 percent for 6 months, issued on September 28.
Compute the interest due on each of the notes at maturity, using the interest formula method. Show all calculations.
Analyze:
What would be the accrued interest payable on December 31 as a result of these transactions?