Just answers in the blanks ! AppsMcGraw Hill Cahad.Malik took out a loan for $27,800 from CIBC at 5.51% compounded quarterly, and willbe making payments at the end of every three months for the next 11.5 years to repaythe loan. Answer the following questions, and round all answers to two decimalplaces if necessary.TimE1) What is the amount of each payment?P/Y =C/Y =N =I/Y =PV = $PMT = $FV = $2) What is the total sum of money that Malik will eventually pay to clear the loan?Total amount paid = $(enter a positive value)E 3) What will be the total amount of interest paid?Interest paid = $(enter a positive value)Submit QuestionP Type here to searchhp

We need to use financial calculator to solve this problem where P/Y =Payments par year C/Y…

Answered: Malik took out a loan for $27,800 from…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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Similar questions

Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
Mohammed LLC is a growing consulting firm. The following transactions take place during the current year. A. On June 10, Mohammed borrows $270,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 5%. B. On July 9, Mohammed borrows an additional $100,000 with payment due in four months from July 9, and an annual interest rate of 12%. C. Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed.
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?
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.
Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.
You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three 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 February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three months. At the end of the three months, the company pays the amount due in full. How much did the company remit to the bank? A. $250,000 B. $10,000 C. $252,500 D. $2,500
You just obtained a loan of $15,000 with monthly payments for four years at 5.04 percent interest, compounded monthly. What is the amount of each payment? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Flat Rock Inc recently borrowed $55,000 from its bank at a simple interest rate of 9.2%. The loan is for one year and the loan agreement calls for the interest to be added to the amount borrowed and the total amount ot be repaid in monthly installments. (a) what are the loans monthly payments? (b) compute th loans APR and rEAR.
Suppose you deposit D dollars at the beginning of each month into an account that pays a monthly rate of r as a decimal. Then, the balance B of the account after t months is given by B = D(1 + r) (1 + r)t − 1 r dollars. Suppose you deposit $160 at the beginning of each month into an account that pays a monthly rate of r = 0.005, which corresponds to an APR of 6%. How long does it take for the account balance to build to $2600? Report your answer to the nearest whole month. months
1. Glen received a $2,250 loan from the bank. After six months, he paid back an additional of $145 to the principal amount and closed the loan. Find the rate of interest. (answer must be in decimal form round to the nearest hundredths)2. You would like to have an accumulated amount of Php 60,000 in a savings account that pays you an interest of 4.25% compounded monthly for 90 months. how much would you have to invest today?

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