5. On December 16, 2018, Mr. Anjo Marquez applied for a Php 750,000 loan. After deducing the interest in advance, he received Php 680,000. If the loan is to be repaid at the end of 9 months, at what rate is interest charged?
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- 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.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.
- 5. On December 16, 2018, Mr. Anjo Marquez applied for a Php 750,000 loan. After deducing the interest in advance, he received Php 680,000. If the loan is to be repaid at the end of 9 months, at what rate is interest charged?On June 6, 2022 Czarina borrowed Php10,000 to Cardo Lending Company that will mature on November 8, 2022. What is the actual time of the loan from June 6, 2022 to November 8, 2022?On June 6, 2022 Alyana borrowed Php10,000 to Cardo Lending Company that will mature on November 8, 2022. What is the actual time of the loan from June 6, 2022 to November 8, 2022?
- A debtor owes Php 22,000 due at the end of 2 years. He asks his creditors for the privilege of payingthe debt immediately. At what simple interest, 6% or 8%, would the creditor prefer to compute therequired present value, and how much would he gain by the better choice?If the principal of Php 2,500.00 earns interests of Php 185.00 in 4 years and 8 months, what interests rate is in effect? Solve comprehensively.Mr. Espiritu obtained a Php 470, 000 car loan that will be paid in full after 2 1/2 years. If interest is at 12% compounded every 6 months, how much is to be paid after 2 1/2 years?
- Reya paid Php 9,250 on a loan made 6 months before at 12% simple interest. Find the interest generated.What is the rate of interest?What is the future value?What is the term of the loan?What is the principal in the problem?A man borrowed Php 6,000 from a bank and agreed to pay the loan at the end of 10 months. The bank discounted the loan and gave him P4,800 in cash. (a) What was the rate of discount? (b) What was the rate of interest? (c) What was the rate of interest for one year?Antoni is about to graduate and he wants to buy a new electric bike he borrowed php 2,5000 from a bank on march 31 2018 at the rate of 6% the loan is paid at the rate of php 5,000 quarterly until the full amount is paid prepare an amortization schedule and determine the interest expense incurred in 2018 and 2019 with respect to the loan
