Company X is a merchandiser of NBA Hats. One of their biggest customers calls Company X and expresses concerns over their ability to pay the $10,000 owed to Company X. Company X agrees to covert the Receivable into a 90-day note with 8% interest. What is the total interest that the customer will pay to Company X at the end of the 90 days? Use a 360-day year calculation.

Q: On April 1, 2018, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In…

A: Given information is: On April 1, 2018, John Vaughn purchased appliances from the Acme Appliance…

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A: We have the following information: Hopewell has calculated that if all the goods sold in the last…

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A: Note receivable: Note receivable refers to a written promise received by the creditor from the…

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Q: using 360 days in a year, how much cash did thunder company receive from the bank?

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A: 1. Date Account Titles and Explanation Debit Credit 2020 Accounts Receivable ($1220*950)…

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Q: On May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $46,300.…

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A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

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A: Introduction Estimated warranty liability A liability account that details the expected sum that a…

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A:

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A: Dear student, as per Bartleby guidelines we are supposed to answer only first 3 subparts as you have…

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A: please find the attached image

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A: Answer -    Working Note : Calculation of Net Installment Receivable for 2020 :   Particulars…

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Q: What is the approximate contract consideration allocated to the discount?

A: When a machine is sold, various services are provided with the same such as maintenance or…

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A:

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.