Questions 4-10. With a carry over balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. The APR is 24.99% and the minimum payment each month is 3% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next three months, and the starting balance for month 4 in the table below: (round to two decimal places) (round to the hundredths place) Month Carry Over Balance Finance Charge New Balance Minimum Payment 1 |1200.00 2 3 4

Questions 4-10. With a carry over balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. The APR is 24.99% and the minimum payment each month is 3% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next three months, and the starting balance for month 4 in the table below: (round to two decimal places) (round to the hundredths place) Month Carry Over Balance Finance Charge New Balance Minimum Payment 1 |1200.00 2 3 4

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

See similar textbooks

Similar questions

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.
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
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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.
You have a carry-over balance of $450 of credit card charges with no additional charges and you plan to just pay the minimum payment each month for the next two months. The Annual Percentage Rate (APR) is 15.99% and the minimum payment each month is 4% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next two months, and the carry over balance for month 3 in the table below: (round all answers to the nearest cent) Month Carry over Balance Finance charge new balance minium payment 1 450.00 2 3
You’re prepared to make monthly payments of $225, beginning at the end of this month, into an account that pays an APR of 6.5 percent compounded monthly. How many payments will you have made when your account balance reaches $15,000? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
An automobile loan of $15,000 at 12% APR compounded monthly for 36 months requires equal monthly payments of $498.21. (a) Complete the following table for the first two payment periods as you would expect the bank to calculate the values (show all calculations made below the table): End of Month(n) Interest Payment Repayment of Principal Remaining Loan Balance 0 N/A N/A $15,000 1 $348.21 2 $146.52 b) What is the portion of the prinicple payment to be made in the 23rd month?
You carry over a balance of $500 on a recent purchase of a new refridgerator, you will just pay the minimum payment each month for the next three months. The APR is 18.99% and the minimum payment each month is 4% of the balance. Determine the finance charge, new balance, and minimum payment required for the first month, and the starting balance for month 2 in the table below (round to the nearest cent, do not include units with you answers): Month Carry-over balance Finance charge New balance Minimum payment 1 $500 2
2. Scheduled payments of $1,010 due five months ago and $1,280 due today are to be repaid by a payment of $615 in four months and the balance in seven months. If money is worth 7.75% p.a. and the focal date is in seven months, what is the amount of the final payment?
Twelve payments of $10,000 each are to be repaid monthly at the end ofeach month. The monthly interest rate is 2%. Solve, a. What is the present equivalent (i.e., P0) of these payments? b. Repeat Part (a) when the payments are made at the beginning of the month. Note that the present equivalent will be at the same time as the first monthly payment. c. Explain why the present equivalent amounts in Parts (a) and (b) are different.
You carry over a credit card balance of $500 wuth an APR of 18.99%. You make a minimum payment of 8% each month. Round all values to the nearest cent. A. What is the finance charge for this first month? B. What is the new balance? C. What is the minimum payment for this month? D. What is the carry over balance for the next month?
$12.000 loan is being repaid by installments of $400 at the end of each month for as long as necessary, plus a final smaller payment. If interest is at J12 = 12%, find the outstanding balance at the end of 2 years.