On February 1, 2021, Miter Corp. lends cash and accepts a $4,100 note receivable that offers 18% interest and is due in six months. How much interest revenue will Miter Corp. report during 2021

The interest revenue amounts to $369

Explanation:

The interest revenue for the following is computed as follows:

Interest revenue = Note receivable × Percentage × Months / Total number of months

where

Note receivable amounts to $4,100

Percentage is 18%

Months is 6

Total number of months 12

Putting the values above:

Interest revenue = $4,100 × 18% × 6/12

Interest revenue = $738 × 6/12

Interest revenue = $369

Therefore, the amount of $369, is the interest revenue which Miter Corp will report during the year 2021

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

answer; schedule c;