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QUESTION
Com received a 10%, 90-day promissory note with a face amount of $12,000 from Cyber Company, for the sale of merchandise on November 1, 2014. A)...
Bike.Com received a 10%, 90-day promissory note with a face amount of $12,000 from Cyber Company, for the sale of merchandise on November 1, 2014.
A) Identify the maturity date of the note.
B) How much interest income (to the nearest whole month) will Bike.Com earn over the term of the note?
C) How much interest income will Tech.Com recognize during 2014?
