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On January 1, 2020, Bank X makes a loan of $10,000 on a 1 year note at an interest rate of 10% to a client. How much interest revenue is recognizable in total at the end of September 30, 2020
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On January 1, 2020, Bank X makes a loan of $10,000 on a 1 year note at an interest rate of 10% to a client. How much interest revenue is recognizable in total at the end of September 30, 2020

User Eldiyar Talantbek
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Approximately $166.7:explanation

To calculate the interest receivable on this note, the math would be as follows:

Principal X Interest X Time = Interest receivable

or

User Tim Woocker
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