A bank which starts with ALL of $1.48 million at the beginning the year, charges off worthless loans of $.94 millions during year, recovers $.12 million on loans previously charged off a charges current income for $1.02 millions provisions for loan losses will have an ALL at the end of the year of: Select one: O a. $1.28 million O b. $.66 million 4
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- A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the loan principal, paid annually. Assume no interest is paid or accumulated on the loan until the final repayment. How much of the loan principal is considered a current portion of a noncurrent note payable in year 3? A. $50,000 B. $150,000 C. $100,000 D. $250,000Bank A pays 2% interest compoundedannually on deposits, while Bank B pays 1.75% compounded daily.a. Based on the EAR (or EFF%), which bank should you use?b. Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year? Assume that your funds must be left on deposit during an entire compounding period in order to receive any interest.You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every year 12 8 $40,000
- Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $124,800 is ______ .Round your answer to the nearest whole dollar. a.$2,184 b.$8,736 c.$4,368 d.$124,800USE THE FOLLOWING INFORMATION FOR THIS QUESTION: Installment note payable borrowed from the bank Present value interest factor from table Signed for Annual interest rate Payments are made 195,060 $7,802 $99,442 The outstanding loan balance at the end of year 3 equals what amount? $103,420 zero $287,000 unable to determine 2.77509 3 years 4% AnnuallyMf3. : An entity took UAH 100,000 loan for 5 at 26% of annual interest rate. Interests are paid annually. A bank is using annuity due scheme. Interest revenue for a bank in period 1 is: An entity took UAH 100,000 loan for 5 at 26% of annual interest rate. Interests are paid annually. A bank is using annuity due scheme. Principal, paid in the fourth period, is: Outstanding loan amount is USD 17,000.00. Annuity is USD 4,315.27, interest rate is 18%. The amount of principal, paid in the given period is: Outstanding loan amount is USD 22,000.00. Annual interest rate is 11%. Interest is paid at the end of each year. In the given period bank received USD 4,300.00 of principal payment. The annuity amount is:
- Assuming a 360-day year, proceeds of $52,258 were received from discounting a $52,919, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Oa. 3% Ob. 6% Oc. 5% Od. 7%You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Payment Period Nominal Rate (%) Loan Term of Present Value Payment Loan (years) (Amount of Loan) every month 6 $40,000 4 %24You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ 2,582 every month 1 1 4 6 $30,000 loan payment wrong needs correction
- Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a. 7.59% Ob. 7.08% Oc. 5.84% Od. 3.84%Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $115,133 is a. $115,133 b. $8,059 c. $4,030 d. $2,015A bank makes an amortizing loan of $200,000 with a maturity of 8 years and equal payments every year. What is the principal outstanding at the end of year 6 if the interest rate is 6%? A $27,041.78 B $30,384.41 C $59,048.42 D $86,092.20
