A bank customer received a loan for $13,000 in exchange for a 7-month, 9% note on October 1, 2018. The note is due on April 30, 2019. If the bank's accounting period ends on December 31 each year, how much interest revenue from this note should the bank recognize in the years 2018 and 2019?

Question

Quizplus · Accepted Answer

The Answer of A bank customer received a loan for $13,000 in exchange for a 7-month, 9% note on October 1, 2018. The note is due on April 30, 2019. If the bank's accounting period ends on December 31 each year, how much interest revenue from this note should the bank recognize in the years 2018 and 2019?

A Bank Customer Received a Loan for $13,000 in Exchange