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Compute renauds total interest revenue

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Question - On August 1, 2017, Renaud Company finished architectural design services and accepted in exchange a promissory note with a face value of $400,000 and a maturity date of July 31, 2022. The stated rate of interest is 8% with interest receivable each July 31 through the maturity date. An effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used.

Compute Renaud's total interest revenue to be recorded on the income statements during the years 2017 through 2022 approximately?

a. $128,058

b. $191,942

c. $160,000

d. $200,000

e. $190,326

Reference no: EM132545569

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