15. Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 7 6 months $3,325
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15. Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days.
| Principal | Rate (%) | Time | Interest |
|---|---|---|---|
| $ | 7 | 6 months | $3,325 |
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseDefine each of the following loan terms, and explain how they are related to one another: the prime rate, the rate on commercial paper, the simple interest rate on a bank loan calling for interest to be paid monthly, and the rate on an installment loan based on add-on interest. If the stated rate on each of these loans was 5%, would they all have equal, effective annual rates? Explain.Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1.
- Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 8 6 months $1,800Interest is $405 on a principal balance of $5,000; assuming a 7 month loan what is the rate?10. A loan of $14,064was repaid at the end of 7 months. What size repayment check (principal and interest) was written, if a 5.8% annual rate of interest was charged? The amount of the repayment check was $
- A loan of $20,483 was repaid at the end of 11 months. What size repayment check (principal and interest) was written, if a 7.8% annual rate of interest was charged?1.Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $50,000 7 3 4 6 months $A loan of $14,865 was repaid at the end of 7 months. What size repayment check (principal and interest) was written, if an 8% annual rate of interest was charged?
- Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $24,000 % 60 days $396Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 11 1 1//2 years $495Assume the following information for a car note: Original loan amount = $23,500 Annual interest rate = 7.25% Term of loan = 24 months What is the principal balance on the loan after six months?
