Determine the maturity date of the loan.

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: What is the initial carrying amount of the loan receivable on January 1, 2019?

A: Carrying amount refers to the cost of an asset less the accumulated depreciation.

Q: What is the due date of a 220-day loan made on Feb. 12? Group of answer choices Sep 20 Sep 21 Aug…

A: Given that  Starting date of loan = 12th Feb  When counting a time period, both the start date and…

Q: be received and recorded, and that the month is 30 days long. (Round your answers to the nearest…

A: Finance charges are a way for a lender to get compensated for supplying cash or giving credit to a…

Q: (a) What is the rebate fraction of a 36 month loan paid off after the 12th payment? (b) What is the…

A: Rebate: It is the amount of money that is returned or credited to the customer in regard to a…

Q: Indicate whether each of the following assets and liabilities typically should be classified as…

A: Current assets - Assets which are convertible into cash within a period of one year. Long-term…

Q: June 10, 2023 Calculate the interest accrued on the principal from April 1, to June 10. Find the…

A: Given, Loan amount = $23,000 Loan date = April 1

Q: Determine the maturity date of the loan (not in a leap-year). Loan Date Time of Loan (days) Maturity…

A: The maturity date is the date on which the final payment of the loan is due. At the time of…

Q: and/or the Banker date of maturity. The effective date is the date the loan was writ Consumer…

A: Banker's rule consider 360 days in year but while calculating the interest the actual number of days…

Q: Calculate the missing information for the installment loan that is being paid off early. Sum-of-the-…

A: Number of payments = 18 Payments made = 3

Q: Determine the number of days from Actual time to Approximate Time Loan Date- Feb. 5, 2021 End…

A: In actual time, actual days in a month are considered. In approximate time, every month's days are…

Q: A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is…

A: Ordinary interest = Principle * Interest rate * Number of days of loan taken / 360 days in a year

Q: months after the given mat

A: Given as,

Q: A bank charges 11% simple interest in advance (that is 11% bank discount) on short-term loans. Find…

A: Given, Simple Interest = 11% Bank Charges 11% on GHC 900 for 90 days Banks Charges 11% on GHC 1500…

Q: A bank charges 11% simple discount on short term loans. Find the sum received by the borrower who…

A: Introduction: Simple interest is considered to be one of the simple methods used in calculating the…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: As per the previous balance method Calculation of finance charges for a billing cycle, uses the…

Q: c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Inc. offered a one-year loan to a customer client. The instrument is a discounted note with a…

A: Discount rate of note (R) = 15%

Q: Determining the number of days

A: In Actual number of days we count the exact number of days between…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.…

Q: On January 1, 20x1, an entity obtains an 11%, P5,000,000 bank loan. The bank charges the entity an…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: The following selected transactions relate to liabilities of Colorado Adventures. Colorado's fiscal…

A: Journal entries are recording of all the business transactions in chronological order. First step in…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Given: Period Amount 1-Apr 480 12-Apr 58 14-Apr -430 18-Apr 178 27-Apr 48

Q: a) What is the rebate fraction of a 36 month loan paid off after the 15th payment?

A: Solution: (a). Loans paid off after 15 th payment. Number of payments remaining = 36 - 15 = 21 Total…

Q: Analyze and review the following items and determine the appropriate journal entry.  Bank Loan…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: Use the actuarial method to find the payoff amount for the loan paid in full before its due date.…

A: The method which is derived for calculating the amount of allocation between the principal amount…

Q: Interview someone who borrowed from the bank, know how much is the rate pplied to the loan, term of…

A: A loan is made if, in return for the payment of both the principal and interest, you obtain cash or…

Q: what is the due date for a loan dated Nov 7 for 120 days?

A: Due date is the date on which the loan will mature.  Loan is taken on November 7 for 120 days.

Q: (a) What is the rebate fraction of a 36 month loan paid off after the 13th payment?   (b) What is…

A: Total loan period = 36 months Months completed =13 months Remainig months = total loan period -…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Given data, Date of note = July 14th Lenght of note = 50 days date note discounted on = August 5

Q: Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days.…

A: INTEREST = PTR / 100 INTEREST = $1,575 P = PRINCIPAL T = 0.5 YEARS OR 6 MONTHS R = 9%

Q: Find the simple interest on a loan if $5,682.00 was borrowed at 11 3⁄4 % from July 1 through…

A: As the date of loan is from July 1 through December 31, tenure of the loan will be 6 months. Annual…

Q: Calculate the missing information for the installment loan that is being paid off early. Sum-of-the-…

A: Number of payments = 36 Payments made = 25

Q: Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days.…

A: Interest = Principal × rate of interest × time $1080 = principal × .12 × 1.5 year $1080 = principal…

Q: What is the carrying amount of the loan Receivable on December 31, 2017?

A: Loan receivable: It is basically an amount or sum of money which is owned to a creditor by a debtor.…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Days the note has remained outstanding is 20 days ((30 days-12 days) + 2 days).

Q: Use the average daily balance method to compute the finance charge

A: Finance charge is the interest paid for a debt. The Annual Percentage Charge (APR), the amount of…

Q: Find the due date of the following : Date of loan               Time July 31, 2019         118…

A: The Due Date: The due date is the date on which a debt, loan or obligation needs to be repaid/met.…

Q: ( A)What is the rebate fraction of a 36 month loan paid off after the 12th payment?   (b) What is…

A: Rebate fraction can be calculated by using this equation Rebate fraction =Sum of digit of remaining…

Q: Accounting for notes receivable and accruing interest Carley Realty loaned money and received the…

A: The maturity date of note 1, note 2 and note 3 is 31 March, 31 March and 18 December. The maturity…

Q: (a)What is the rebate fraction of a 36 month loan paid off after the 12th payment?   (b) What is the…

A: Formula used Rebate Fraction = Sum of remaining periods/Sum of total periods

Q: a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume 360…

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

Q: On June 1, Granulite Inc borrows $150,000 from the bank by signing a 2-month, 2.0% bank loan.…

A: Journal Entries - It refers to the primary books of accounts in which transactions are recorded in…

Q: Determine the maturity date of the loan. Loan Date Time of Loan (days) Maturity Date July 8 220…

A: Maturity Date = Initial Date + Term of loan

Q: what was the outstanding principle balance on the loan during the period?

A: Given that,  Interest amount = $124.83 Rate of interest = 8.25%

Q: Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days.…

A: Given, Interest =$1800 Rate = 8% Time = 6 months

Q: (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and…

A: Journal: It refers to an account in which all the financial transactions pertaining to a business…

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.