Wells Ford
05/17/2023 · Elementary School
Calculate the amount of interest during 2024,2025 , and 2026 for the following note receivable: On May 31,2024, Wyoming State Bank loaned \( \$ 240,000 \) to Lindsey Weston on a two-year, \( 8 \% \) note. a. note receivable? b. note payable? c. interest revenue? d. interest expense? 3. How much in total would Wyoming State Bank collect if Lindsey Weston paid off the note early on October 31,2024 ?
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The note receivable and note payable are both \( \$240,000 \). The interest revenue for 2024 is \( \$8,000 \), and there is no interest expense. If the note is paid off early on October 31, 2024, the total amount collected is \( \$248,000 \).
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