RafterCom Received a 10%,90-Day Promissory Note with a Face Amount $\underline{\quad\quad}$

question 191

Essay

Rafter.com received a 10%,90-day promissory note with a face amount of $12,000 from Joyce Company,for the sale of merchandise on November 1,2017.
A) Identify the maturity date of the note. $\underline{\quad\quad}$

B) How much interest income (to the nearest whole month) will Rafter.com earn over the term of the note?

C) How much interest income will Rafter com recognize during 2017 ?

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