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What amount of interest income should Ms Price recognize

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Question - On January 1, 2020, Ann Price loaned $233984 to Joe Kiger. A zero-interest-bearing note (face amount, $320000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2022. The prevailing rate of interest for a loan of this type is 11%. The present value of $320000 at 11% for three years is $233984. What amount of interest income should Ms. Price recognize in 2020?

Reference no: EM132919044

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