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

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