Solved: Compute the interest on loans, Financial Accounting

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Compute the interest on loans

Response to the following problem:

Sybil Crumpton, vice president of operations for Bob Marshall Wilderness Bank, has instructed the bank's computer programmer to use a 365-day year to compute interest on depository accounts (payables). Sybil also instructed the programmer to use a 360-day year to compute interest on loans (receivables).

Discuss whether Sybil is behaving in a professional manner.

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Financial Accounting: Compute the interest on loans

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Financial Accounting: Compute the interest on loans

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