On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate.
Required:
Compute the amount of interest revenue and the loss on sale of the note.

Question

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The Answer of On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate.
Required:
Compute the amount of interest revenue and the loss on sale of the note.