An amount of 5 million is placed on deposit from 17 August to 31 December at 6.7%. What would be the interest earned if the rate had been quoted on an ACT/365, ACT/360 or 30/360 basis?

Q: what is the amount (in $) of interest on the loan?

A: Simple interest are calculated on the basis of principal amount of loan. Simple interest does not…

Q: Kylah Enterprises signs a 3-month, noninterest-bearing note with a stated rate of 13.5% and a…

A: Given, Principal =$215,000 Interest =13.5%   Computation of interest =$215,000 * 13.5% *3/12…

Q: An interest-bearing promissory note for $5,500 is due in 180 days with simple interest at 4.75% p.a.…

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Q: 2. The Company place a fixed deposit of $1,000,000 with the bank on 28.12.10 for a period of 7 days…

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Q: 1. A bank is offering to sell certificates of deposit valued at $ 5,000.00. At the end of 3 years,…

A: Solution:- Given, A Bank Deposited Value = $5,000 At the end of 3 years = $5,310 Interest for 3…

Q: Company X sells on a 3/10, net 90, basis. Company Y buys goods with an invoice of $2,500. a. How…

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Q: FDN Trading sold merchandise for P50,000 less 10 on terms P10,000 down payment and the balance…

A: Notes Receivable - Notes Receivable is the promissory note issued by the individual owing some…

Q: Company X sells on a 2/10, net 90, basis. Company Y buys goods with an invoice of $1,500.   a. How…

A: Given values: Invoice value = $ 1500 if paid within 10 days discount = 2% with in 90 days it should…

Q: 0. Dirk Ward borrowed $13,000.00 for investment purposes on May 24 on a demand note providing for a…

A:

Q: Dirk Ward borrowed $10,000 for investment purposes on May 10 on a demand note providing for a…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: P500,000 was deposited for a period of 5 yrs. And 6 months and bears on interest of P85,659.25.…

A: The rate of interest is the percentage that is charged on the loan of amount.

Q: The notes receivable account of Caimito, Inc. consisted of the following:    1. 60-day note of…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Dina placed Php 18,000 in a 240-day term deposit earning 8.5% per annum. How much will the bank pay…

A: Note: Since here nothing is being mentioned about the nature of interest,  it is assumed to be…

Q: Karen Company discounted its own Php 250,000 one year note at a bank at a discount rate of 12% when…

A: The prime rate is the lending rate specified by the central bank of a country which is used as a…

Q: Dirk Ward borrowed $12,000.00 for investment purposes on May 8 on a demand note providing for a…

A: Accrued Interest - It is the amount of interest has been incurred over a specific period / date, on…

Q: The bank is offering to sell 6-month certificates of deposit for $9800. At the end of 6 months, the…

A: Certificate of deposits are issued by the banks at discount and that discount is interest rate on…

Q: A P22,000 loan bearing interest at 9.6% compounded bimonthly was repaid, after a period of deferral…

A: Interest rate (r) = 9.6% per annum = 9.6%/24 per bimonthly = 0.4% Bimonthly payment (B) = P 2600…

Q: X Corporation accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On…

A: Simple interest = Principal ×Interest rate × Time =P400,000 × 10% × 612=P20,000   Maturity value =…

Q: On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of…

A:

Q: On January 1, you deposit K100 in an account that pays a nominal interest rate of 11.33463%, with…

A: Computation:

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: In reporting the note in Karen Company statement of financial position, prior to maturity what rate…

A: Prime Rate is the interest rate charged by commercial banks to their most creditworthy customers.

Q: If an FRA dealer quotes ‘6Mv9M 7.25 to 20', this means that the dealer is prepared to: a. borrow…

A: 6Mv9M means that amount is to be  lent for  = 9 months - 6 months = 3 months

Q: The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the…

A: Solution-  = $340000 * 4%  = 13600 Interest is calculated by applying Interest rate to the principle…

Q: Insert an answer for each of the following  p= $ 3,200, r=.023, t= 3months. interest ?…

A: solution answer to 1 interest                =p * r * 3/12                                 =$3200 *…

Q: An amount of 5 million is placed on deposit from 17 August to 31 December at 6.7%. What would be the…

A: ACT/365, ACT/360, and 30/360 basis are different day/year conventions used to calculate interest…

Q: On a 36-day basis, ir payment is made on the twentieth day under trade credit turms of 2/10, net 30.…

A: Liability: Liability is an obligation of any business. It is an amount borrowed by a business from…

Q: Dirk Ward borrowed $12,000.00 for investment purposes on May 19 on a demand note providing for a…

A: Here, Borrowing Amount is $12,000 Interest Rate on May 19 is 4% Interest Rate from 1st August is…

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: We need to use ordinary interest formula to solve this problem Simple/ordinary interest…

Q: A certificate of deposit (CD) is an agreement between a bank and a saver in which the bank…

A: It is very important for the investor to compare the annual yields of the investment instead of…

Q: A bank sells a “three against six” $5,000,000 Forward Rate Agreement for a three-month period…

A: The forward rate agreement is the agreement in which buyer and seller come into a contract at an…

Q: Mike Drago took out a for $3,900 at the Gold Coast Bank for 270 days. If the bank uses the ordinary…

A: Rate of Interest = Amount of Interest / (Principal * time)

Q: A bank offered a 1-year loan to a commercial customer. The instrument is a discounted note with a…

A: Lets understand the basics. Effective interest rate is a rate at which interest is effectively paid.…

Q: A company has borrowed $210,000 under a line-of credit agreement. It must pay a stated interest rate…

A: The loan can be taken from the organized banks and through the local lenders. The lender of the…

Q: Dirk Ward borrowed $11,000.00 for investment purposes on May 21 on a demand note providing for a…

A: 1). (May 21 to July 31) May  • $11,000 × 6/100 × 11/365 = $19.89 June & july • $11,000 × 6/100 ×…

Q: f a nine-month term deposit at a bank earns a simple interest rate of 9% per annum, how much should…

A: A term deposit is a fixed-term investment that includes deposits of money into an account at a…

Q: The notes receivable account of Kilo, Inc. consisted of the following:    1. 60-day note of P10,000…

A: The note receivable is an asset for the business, which is due for payment from customers on future…

Q: Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash…

A: The calculation of actual interest rate on the note is shown hereunder : Interest cost  RO 400 Cash…

Q: Max Wholesaler borrowed $7,500 on a 8%, 120-day note. After 45 days, Max paid $2,625 on the note.…

A: Intoduction:- A borrower or deposit-taking financial institution pays interest to a lender or…

Q: A 120-day, 10% interest-bearing note receivable is sold to a bank with recourse after being held for…

A: It is the document that acts as a written promise for a certain payment.

Q: Pamela borrowed $12,000 for investment purposes on March 12 on a demand note providing for a…

A: In the given question:-  Pamela borrowed $12000.  We have been given four different dates for…

Q: A credit card quotes a rate as 21.5% compounded monthly. a) What is the effective annual interest…

A: This question has two parts : In part (a) we need to compute the effective annual interest rate…

Q: Reya placed Php 18,000 in a 240 day term deposit earning 8.5% per annum. How much will the bank pay…

A: Principal ,P= Php 18,000 Time,t = 240 days Rate of interest, r= 8.5% Taking 365 days in a year for…

Q: A note with a face value of BD 2,600 will mature after 3 Years from today is sold to a bank that…

A: Given information is: Face value of Note = BD 2600 Period = 3 years Compound interest rate = 6% Bank…

Q: 3 The bank statement opposite shows transactions over a one-month period for a savings account that…

A: Interest income: It implies to the revenue that is earned by the lender from lending funds to the…

Q: Company X sells on a 2/15, net 90, basis. Company Y buys goods with an invoice of $1,000.   a. How…

A: Credit sale term =2/15, net 90 Company Y buys goods of =$1000 Meaning of 2/15, net 90: It means if…

Q: Dirk Ward borrowed $13,000.00 for investment purposes on May 8 on a demand note providing for a…

A: Accrued interest is the interest which is to be paid to the lender of the loan but which has not…