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What amount of interest income should ms. young recognize

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Question: On January 1, 2024, Sarah Young loaned $199098 to Jason Smith. A zero-interest-bearing note (face amount, $265000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2026. The prevailing rate of interest for a loan of this type is 10%. The present value of $265000 at 10% for three years is $199098. What amount of interest income should Ms. Young recognize in 2024? $19910 $79500 $59723 $26500

Reference no: EM133553312

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