Joshua loaned $69,000 to a small business at 2.61% compounded quarterly for 1 year and 9 months. How much would the business have to repay her at the end of the period? Round to the nearest cent
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- Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. 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. Round to the nearest cent if required.McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long-term loan in the amount of $800,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9%. Each year on December 31, the company pays down the principal balance by $50,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.ron prentice bought goods from shelly katz. on may 8, shelly gave ron a time extension on his bill by accepting a $3,000, 8%, 180-day note. on august 16, shelly discounted the note at roseville bank at 9%. (use days in a year table.) what proceeds does shelly katz receive? (use 360 days a year. do not round intermediate calculations. round your answer to the nearest cent.): Proceeds received: ??
- Erica has just purchased a new personality from I Spy a New You, LLC for $1250. She put exactly 25% down and financed the rest for 10 years at 21% APR. She financed _________.The monthly loan payment is_______.She paid_______ interest and________principal at the end of month 2, leaving an outstanding balance of___________. Fill in blanks with solutions without rounding.A company borrowed P45,200 from a savings and loan association that charges 14% converted quarterly. To pay off the loan, the company promised to pay P2,000 every 3 months. (show your solutions at the back) a. How many regular payments are needed? b. When will the company make the last P2,000 payment? c. Find the outstanding balance after the 32nd payment.Robinson’s, an electrical supply company, sold $4,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.5% interest. The due date was August 10. Short of funds, Robinson’s contactedCapital One Bank on July 20; the bank agreed to take over the note at a 6.2% discount. (Use Days in a year table.)What proceeds will Robinson’s receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
- Robinson’s, an electrical supply company, sold $8,000 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 5.2% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.9% discount. (Use Days in a year table.) What proceeds will Robinson’s receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.Clare Jarrett has just closed a business loan of $400 000 to assist with the purchase of equipmentand fixtures for her small business. The loan will be repaid in five (5) equal annual end-of-yearinstallments and the institution has agreed to lend at a rate of 8% compounded annually. As partof her business’ detailed financial planning, she wishes to determine the annual interest paymentsattributable to the loan.Required:A. Determine the business yearly payment on a $400 000 loan. B. Prepare an amortization schedule for this loan. C. What is the loan balance at the end of year 3?D. How much interest expense will Ms. Jarrett pay over the life of the loan? E. What is the effective rate of interest on the loan if interest is compounded quarterly?A businessman plans on depositing Php 12,500 per month in amount that pay 8% annual interest with quarterly compounding. How much of a down payment for a house the engineer accumulated after a yr? Ans. Php 155,585.99 pls show solution
- Mina borrowed Php 10,000 from a financing institution which agreed to charge an annual simple interest r. Suppose after 36 months, Mina paid a total of Php11,500. What is the value of r in percent? Choices: - 10% - 5% - 4% - 2%Regina Henry deposited $20,000 in a money market certificatethat provides interest of 10% compounded quarterlyif the amount is maintained for 3 years. How muchwill Regina have at the end of 3 years?Robinson’s, an electrical supply company, sold $7,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.0% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.7% discount. (Use Days in a year table.)What proceeds will Robinson’s receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)