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Explain how to calculate the interest

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Question - Please explain (in detail) how to calculate the interest for the following accounting entries.

1. A note payable of $6,000 has been outstanding since September 1, 2000. Under the terms of the note plus interest (12%) is to be paid on March 1,2001. No interest has been recorded on the note.

2. The company signed a 12%, six-month note $6,000 on November 1, 2000. No interest has been recorded for November and December.

3. $15,000 was borrowed by signed a 10%, 2 year note on September 1, 2000.

Reference no: EM132172860

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