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Mike is the payee of a $20,000, 180-day, 8% note. On maturity, the note maker fails to pay.

How much interest income should Mike receive on the dishonored note?

Accounting Account Handling Financial Accounting Bookkeeping
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Question added by Muhammad Ramzan Tufail ACCA , Assistant Finance Manager , Eltizam Asset Management Group
Date Posted: 2015/03/25
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Deleted user
by Deleted user

Mike should receive $20,000 plus $800 interest at maturity = $20,800

 

20000 x8% x6/12 months =800.

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