apter 15 HW ASavedDr. Alvano borrowed $8,000 at 8% compounded quarterly to purchase a new X-ray machine for his clinic. The agreement requiresquarterly payments of $1,000 (except for a smaller final payment). Prepare the full amortization schedule for the loan. Calculate thetotal interest charges. (Do not round Intermedlate calculations. Round your answers to 2 decimal places. Leave no cells blank - becertaln to enter "O" wherever requlred.)PaymentnumberInterestPrincipalportion $Principalbalance $$8,000.00Payment $portion $nts--1,000.002.1,000.001,000.001,000.001,000.00eBook46.1,000.ee7.1,000.00Print1,000.009.Total:ReferencesMcGrawHill3 of 9< Prev'kt >NWconnect00中

Amortization Schedule: It is a schedule consisting of periodic payments on loans, interest…

Answered: Dr. Alvano borrowed $8,000 at 8%…

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 4FPE

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12. 12 Multiple Choices. A company pledged its entire accounts receivable amounting to P2,500,000 to a financing institution to a loan approved for P2,000,000. The term of the loan requires the company to pay the principal when it becomes mature 4 years from now and also to pay 12% annual interest every end of the year. Should the company has made no collateral for the loan, interest rate could have been 18%. Assuming the transaction occurred on June 30, 20A, what shall be the proper accounting treatment for the pledged accounts? a.disclose the loan to notes to financial statements and derecognize the pledged accounts b.derecognize the pledged accounts c.disclose it to the notes to financial statements d.recognized the loan and derecognize the pledged accounts e.do nothing
Time remaining: 00:09:14 Other Math Ms. Esperanto obtained a $40,900 home equity loan at 8.3% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.)a. What will she pay monthly if the amortization period is 10 years?Payment $ per monthb. How much of the payment made at the end of the fourth year will go towards principal and how much will go towards interest? Principal $ Interest $ c. What will be the balance on the loan after four years?Balance $d. How much interest did she pay during the fourth year?Interest paid $
LO 13.3 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?
OLA #8.1 Miguel received a loan of $10,000 at 4.50% compounded quarterly. He had to make payments at the end of every quarter for a period of 1 year to settle the loan. a. Calculate the size of payments. b. Fill in the amortization schedule, rounding the answers to two decimal places. Payment Number Amount Paid Interest Portion Principal Portion Principal Balance 0 $10,000.00 1 2 3 4 Total
6.16. Effective annual rate: Raj Krishnan bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 4.9 percent for four years. What is the effective annual rate (EAR) if the loan payments are made monthly?
7 1 A 02 Ready B X Given: FONT Round to the nearest cent a. What was the principal portion of payment number 4? 50.00 Ass.11#2 37°F Partly sunny Caitlin purchased a machine for $25,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 4.02% compounded quarterly. She paid $1,125 at the end of every quarter to settle the loan. F G b. What was the interest portion of payment number 4? Ass.11#1 page 570 #8 Alignment page 570 #10 Q Search + page 570 # 14 Number page 586 #2 K page 587 #8 ann M
Q 18 To borrow $1,100, you are offered an add-on interest loan at 6 percent. Three loan payments are to be made, one at four months, another at eight months, and the last one at the end of the year. Compute the three equal payments. (Round your answer to 2 decimal places.) THREE EQUAL PAYMENTS?
Q 19 A local furniture store is advertising a deal in which you buy a $2,200 dining room set and do not need to pay for two years (no interest cost is incurred).How much money would you have to deposit now in a savings account earning 5 percent APR, compounded monthly, to pay the $2,200 bill in two years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PRESENT VALUE? How much would you have to deposit in the savings account each month earning 5 percent APR to be able to pay the bill? (Do not round intermediate calculations and round your final answer to 2 decimal places.) ANNUITY PAYMENT?
Pm.6 You want to buy a new sports car from Muscle Motors for $55,000. The contract is in the form of an annuity due for 48 months at an APR of 7.00 percent. What will your monthly payment be? Multiple Choice $1,335.59 $1,283.22 $1,309.41 $1,317.04 $1,243.93
q 13 A local furniture store is advertising a deal in which you buy a $6,000 living room set with three years before you need to make any payments (no interest cost is incurred).How much money would you have to deposit now in a savings account earning 6 percent APR, compounded monthly, to pay the $6,000 bill in three years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)PRESENT VALUE? How much would you have to deposit in the savings account each month 6 percent APR to be able to pay the bill? (Do not round intermediate calculations and round your final answer to 2 decimal places.)ANNUITY PAYMENT?
QUESTION 16 You wish to buy a $21,500 car. The dealer offers you a 6-year loan with a 7.2 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH? How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH?

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