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Find the total approximate Interest Revenue over the life

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Question - The GRF Company rendered services on 1/1/16 and accepted a $10,000, 6%, 5-year note receivable with interest to be paid annually on December 31 through 12/31/20. The principal will be paid in full on 12/31/20. GRF's imputed interest rate is 12% and the effective amortization method is used.

Find the total approximate Interest Revenue over the life of this note?

a. $2,763

b. $2,163

c. $8,163

d. $5,163

e. $5,674

Reference no: EM132606758

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