Unformatted text preview: other companies generally use a 365-day year to calculate interest. Therefore, you should be prepared to calculate interest either way. The interest on a 90-day, 12%, $10,000 note equals $300 if a 360-day year is used to calculate interest, and the interest equals $295.89 if a 365-day year is used....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10