On october 1, 2017, miller, inc. made a loan to one of its customers. the customer signed a 6-month note for $100,000 at 13%. how much interest revenue did the company record in 2018 for this note? (round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

Information Given :

Amount = $100,000

Interest = 13%

Time period = 6 months

Date of purchase= oct 1 , 2017

Required :

Interest revenue in 2018 = ?

Solution :

Here the note is for 6 months

3 month's interest are recorded in 2017 for oct, nov , and dec.

Remaining three months interest revenue will be recorded in 2018 .

So interest revenue = 100,000*13%*3/12 = $3250

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