Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $902.51 at the end of every six months over five years. If interest is 6.4% compounded monthly, what was the original loan balance?
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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $902.51 at the end of every six months over five years. If interest is 6.4% compounded monthly, what was the original loan balance?
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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.Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $826.65 at the end of every year over five years. If interest is 4.6% compounded quarterly, what was the original loan balance?Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $808.47 at the end of every year over six years. If interest is 5.4% compounded quarterly, what was the original loanbalance?
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