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- Automotive Excellence Inc. borrowed $18,000.00 on june 21 with an interest rate of 8.9% per annum. On july5, $6000.00 was repaid, and on august 10, $5000.00 was repaid. Automotive Excellence paid the balance of the loan on October 11. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. the financial officer of toys and noise arranges alone of $8500 at 8.5% interest for 35 months. Find the amount of simple interest. The financial officer of Toys and Noise arranges a loan of $8,500, at 8.5% interest, for 35 months. Find the amount of simple interest. (Round to the nearest cent.) O $1,445.00 O $2,107.29 O $2,528.75 O $2,914.29
- Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?K- Automotive Excellence Inc. borrowed $19,000.00 on April 8 with an interest rate of 5.9% per annum On June 17, $5900.00 was repaid, and on August 9, $6400.00 was repaid. Automotive Excellence paid the balance of the loan on December 1 What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed) DRThe business manager of Paws and Claws Pet Supply arranges a loan of $2,500, at 7.5% interest, for 30 months. Find the amount of simple interest. (Round to the nearest cent.) $217.50 O $234.38 $437.50 $468.75
- The SKC Corporation plans to borrow $1,000 for a 90-day penod. At matunity the firm will repay the $1.000 principal amount plus $45 interest What is the effective annual rate of interest (A/F) for the loan? (Select the best choice below) OA 18.00% OB. 450% OC. 1925 % OD. 4.58%Automotive Excellence Inc. borrowed $16,000.00 on May 11 with an interest rate of 8.7% per annum. On July 21, $4800.00 was repaid, and on August 12, S6500.00 was repaid. Automotive Excellence paid the balance of the loan on October 6. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $680,000. The terms of the loan are 3.4% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank f6a95d01507605c_1 B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 fill in the blank 1acca4f97faa002_2 fill in the blank 1acca4f97faa002_3 fill in the blank 1acca4f97faa002_5 fill in the blank 1acca4f97faa002_6 May 20 fill in the blank 1acca4f97faa002_8 fill in the blank 1acca4f97faa002_9 fill in the blank 1acca4f97faa002_11 fill in the blank…
- Save & Exit Submit Donny borrows $37,000 to purchase a high-performing computer. The loan will be paid in monthly installments over one year at 12% interest annually The first payment is due one month from today. What is the amount of each monthly payment? (FV of $1. PV of $1. FVA of $t. PVA of St. EVAD of $t and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 5-50 Multiple Choice None of these answer choices are correct. $3.083 $3.287 $3.039 < Pre of MC Graw MacBook AirH2X Excavating LLC has a $100,000 line of credit at its bank. During the past 31-day month, the company has used $80,000 of this line of credit. The interest rate is 7% APR. a. What will the interest charge be for this month? b. For the upcoming 30-day month, management is projecting that for the first 10 days of the month the balance on the line of credit will be $80,000 and for the last 20 days of the month the balance will be $50,000. How much interest expense should management budget for the upcoming month? c. If the interest rate increased to 9%, what would the interest charge be for a 28-day month, if the entire line of credit was used for the entire month?An installment contract for the purchase of a car requires payments of $217.43 at the end of each month for 6 years. Interest is 6% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost? Question content area bottom Part 1 (a) The amount financed is $enter your response here. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Part 2 (b) The interest is $enter your response here. (Round the final answer to the nearest cent as needed.