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during the current year, penman inc. issued three short-term notes payable with principal and interest due at the end of the term of the note. compute interest accrued for each of the notes payable as of december 31 of the current year (assume a 365-day year).

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AmishaSrivastava

Interest accrued for each of the notes payable as of December 31 of the current year :

Nissim $328.77 ($30,000 × 10% × 40 ÷ 365)

Klein $86.79  ($22,000 × 8% × 18 ÷ 365)

What is Interest?

  • Interest is the price you pay for borrowing money or the cost you charge for lending money.
  • Interest is usually given as an annual percentage of the loan amount.
  • This percentage is called the interest rate on the loan.
  • There are three types of interest: simple interest (periodic), accrued interest, and compound interest.
  • Interest accrues when you lend money or put money into an interest-bearing bank account, such as a bank account.
  • Savings account. In  account deposits, banks make loans.
  • They use your money to provide loans and invest in other customers.
  • Life interests are created as terms of your will.
  • This creates a trust where the executor retains legal control of  the assets and the beneficiaries of the assets can use the assets for the rest of their lives.
  • A common asset used for significant profit is the family home.

To learn more about Interest from the given link :

https://brainly.com/question/27584159

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