Question

How do we calculate interest income on income statement

Answer 1

Answer:

• Take the annual interest rate and convert the percentage figure to decimal by simply dividing it by 100. ...

• Use the decimal figure and multiply it by the number of years that the money is borrowed. ...

• Multiply that figure by the amount in the account to complete the calculation.

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Answer 2

Answer:

Take the annual interest rate and convert the percentage figure to decimal by simply dividing it by 100. ...

Use the decimal figure and multiply it by the number of years that the money is borrowed. ...

Multiply that figure by the amount in the account to complete the calculation.