Affinity Services Group received a 12%,six-month promissory note with a principal amount of $10,000 from a customer for the sale of merchandise on December 1,Year 1.
A) How much interest revenue will the company recognize as of December 31 , Year 1 ?
B) How much interest revenue will the company recognize in Year 2?
C) Determine the total amount of cash the company will collect on the date of the note's maturity.
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