please show me a solution 3. Mr. Bacani borrowed money from the bank. He received from the bank P1,842 andpromised to repay P2,000 at the end of 10 months. Determine the rate of simpleinterest.

Simple interest is a quick and easy way to figure out how much interest you'll pay on a loan, which…

Answered: show me a solutio

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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Similar questions

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.
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.
Mr. Dalisay applied for a bank loan with a principal of P150,000 to be paid after five years in order to purchase a vehicle. He negotiated for the stated rate of the loan at 6% wherein the current market rate is 10%. How much proceeds will Mr. Dalisay receive from the bank
Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he received Php 9,600 only after the bank deducted an advance interest of Php 400. Find a) the rate of discount and b) the rate of interest that the bank charged him.
Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the corresponding discount rate or often referred to as the “banker’s discount”?
On May 1, Year 1, Benz’s Sandwich Shop loaned $14,000 to Mark Henry for one year at 8 percent interest. Requireda. What is Benz’s interest income for Year 1?b. What is Benz’s total amount of receivables at December 31, Year 1?c. How will the loan and interest be reported on Benz’s Year 1 statement of cash flows?d. What is Benz’s interest income for Year 2?e. What is the total amount of cash that Benz’s will collect in Year 2 from Mark Henry?f. How will the loan and interest be reported on Benz’s Year 2 statement of cash flows?g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?
Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to pay the principal at the end of 9 months. If the corresponding discount rate or often referred toas the banker's discount is 13.73%, what is the amount borrowed?
A man borrowed a certain sum of money from a bank which charges interest at 18%, compounded quarterly. He promised to pay the principal and interest through 36 equal payments of PHP 4,000 at the end of each three months. How much did he borrow?
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?
. A man borrowed RM1200 for 5 months and was charged 9% simple interest. How much interest did he pay? How much did he repay at the end of the 5 month?
Sam borrowed $1,500 from his uncle. He paid him back $50 per month for the first year, then $75 per month thereafter. Write a piecewise function to represent the amount A Sam owes after m months.
2. Kimmy took a loan of RM30,000 from a bank. The loan was settled in 72 monthly payments. The bank charged interest at rate of 4.15% compounded monthly. a) What was the monthly payment that Kimmy had to pay for his loan? b) If Kimmy falled to pay 5 consecutive payments, how much should he pay on the next payment to settle the outstanding arrears?

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