Acct1201 - In class exercise - Ch

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Loan Receivable and Receivable Financing Activity 1: Problems Problem 1: PDR Bank granted a loan to a borrower on January1, 2020. The interest on the loan is 10% payable annually starting December 31, 2020. The loan matures in three years on December 31, 2022. Principal amount Origination fee charged againstthe borrower Direct origination cost incurred Indirect origination costs 2,000,000 171,050 75,000 15,000 After considering the origination fee charged againstthe borrower and the direct origination costincurred, the effective rate on theloan is 12.5%. Q1. The carrying amount oftheloan on January 1, 2020: is Q2: The journal entries on January 1,2020: Problem 2: LSB granted a loan to the borrower on January1, 2020. The interest on the loan is 8% payable annually starting December 31, 2020. Theloan matures in three years on December 31, 2022. Principal amount Origination fee charged against the borrower Direct origination cost incurred 1,500,000 50,000 130,150 After considering the…

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Problem 24Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are:Principal amount 1,500,000Origination fees charged against the borrower 50,000Direct Origination cost incurred 130,150After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required:1. Compute the carrying amount of the loan receivable on December 31,2020, December 31,2021, December 31,2022.2. Prepare a table of amortization for the loan receivable.

Problem 24Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are:Principal amount 1,500,000Origination fees charged against the borrower 50,000Direct Origination cost incurred 130,150After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required:1. Prepare a table of amortization for the loan receivable.2. Prepare the journal entries for 2020, 2021 and 2022.

Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $75,000 with time to maturity of 6 years. The interest rate is 7% and equal annual installment payments will pay off the loan after six years.  a. How much is each annual installment payment?   Note: Do not use a negative sign with your answer. Note: Round your answer to the nearest whole dollar.   $Answer  b. Record the first installment payment on December 31, 2020.   Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order.   Date Account Name Dr. Cr. Dec. 31, 2020 Answer Answer Answer   Answer Answer Answer   Answer Answer Answer

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Problem 24 Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are: Principal amount Origination fees charged against the borrower Direct Origination cost incurred 1,500,000 50,000 130,150 After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required: 1. Compute the carrying amount of the loan receivable on December 31,2020, December 31,2021, December 31,2022. 2. Prepare a table of amortization for the loan receivable. 3. Prepare the journal entries for 2020, 2021 and 2022.

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17 a.Use the appropriate formula to determine the periodic deposit.   b.How much of the financial goal comes from deposits and how much comes from​ interest?   Periodic Deposit Rate Time Financial Goal ​$? at the end of each month 7.25​% compounded monthly 40 years ​$1,250,000     See the formulas and check what is the best one to use for this problem.   a.The periodic deposit is​$________. ​(Do not round until the final answer. Then round up to the nearest dollar as​ needed.)   b. $_______ of the ​$1,250,000 comes from deposits and ​$_________ comes from interest. ​(Use the answer from part​ (a) to find these answers. Round to the nearest dollar as​ needed.)

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QUESTION 14 You purchase a home priced at 1,750,000 Php. You paid 10% as the down payment and the remaining balance under a bank amortization plan to be paid in 8 years. At an effective quarterly interest rate of 1.5%, How much interest will you pay in the 2nd year Solve on the white paper or typed.  Not explain in the excel.

Exercise 5-18 (Algo) Solving for unknown annuity payment; installment notes [L05-9, 5-10] Don James purchased a new automobile for $21,000. Don made a cash down payment of $5,250 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of the required monthly payment. (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.) Monthly payment

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Find the amount due at maturity for a 180 day note of $38,400 at 11.7% ordinary interest if a partial payment of $20,000 is made on the 100th day of the loan. Show all your work in a neat and organized format. Edit View Insert Format Tools Table 12pt v Paragraph v BIUAv2v Tポv ...

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Problem 26  Jem Riane Delos Reyes Bank granted a loan of P3,000,000 to a borrower on January 1, 2021.  The terms of the loan were payment in full on December 31, 2026 plus annual interest payment  at 8% every December 31. The first interest payment was made on December 31, 2021.  However, on December 31, 2021, due to financial difficulties, the borrower informed Freetown  Bank that it would probably miss the interest payments for the next two years. After that, the  borrower expects to resume the annual interest payment but the principal would be paid on  December 31, 2027 or one year late with interest paid for that additional year. Accordingly, the  payments from the borrower are scheduled as follows:  Date of Flow Cash Flow Amount  12/31/2022 No interest payment Nil  12/31/2023 No interest payment Nil  12/31/2024 Interest payment P 240,000  12/31/2025 Interest payment 240,000  12/31/2026 Interest payment 240,000  12/31/2027 Interest payment 240,000  Principal payment 3,000,000 The…

Problem #2: Installment Note Preferred Corporation purchases an asset and finances it with a note payable. Information regarding the transaction follows: YOU WILL NEED THE KIESO PRESENT VALUE TABLES FOR THIS PROBLEM. Cost of asset 450,000 450,000 12% 2 years 4 times per year Amount Financed Annual Interest Rate Installment loan term Payments are made USE PROBLEM #2 TO ANSWER QUESTIONS 8 THRU 10 BELOW 8.) Calculate the periodic payment on the note payable. 9.) What is the total amount of interest that will be paid on the note payable over the two year period? 10.) If the company wishes to get the loan paid off in ONE year instead what will the new quarterly payments be?

QUESTION 14 You purchase a home priced at 1,750,000 Php. You paid 10% as the down payment and the remaining balance under a bank amortization plan to be paid in 8 years. At an effective quarterly interest rate of 1.5%, How much interest will you pay in the 2nd year Solve on white paper or typed. Not in excel

MINDTAP Q Search this cOL tivity- Amortization schedule a. Complete an amortization schedule for a $44,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 10% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Раyment Interest of Principal Balance 1 24 %24 2. 24 $4 %24 24 24 %24 24 b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all answers to two decimal places. % Interest % Principal Year 1: Year 2: Year 3: % c. Why do these percentages change over time? I. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines. II. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or…

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View Policies Current Attempt in Progress On January 2, 2025, Indigo Company borrowed $183,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 8% annual interest. Click here to view factor tables Compute the amount of each of these payments, assuming they begin on December 31, 2025. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Periodic payments $