Using exact time, the due date of a loan that is made on February 10 of a leap year and is due in 60 days is on Blank 1. Blank 1 Add your answer
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- Cost of Bank Loan On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a 25,000 interest-only loan with a nominal rate of 11%. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerlys interest charge for the first month (assuming 31 days in the month)?Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1.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.
- 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. $2,383Find the interest on a loan of $3300 at 7% if I borrow on April 7 and repay on June 2 using the following THREE time methods: Exact Time, Ordinary Time, AND Banker's TimeWhat is the due date of a 220 day loan made on February 12?
- On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 1/2% interest. Jim plans to repay the loan on March 11. Assume the loan is on exact interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answers to the nearest cent.) Loan AmountOn July 28, you get a 7.9% $2,700 furniture loan with monthly payments of $125. Your first payment is due August 28. What is the balance after your first payment, assuming the lender receives your payment on September 2?On May 11, you get a 9% $1,800 furniture loan with monthly payments of $80. Your first payment is due June 11. What is the balance after your first payment, assuming the lender receives your payment on June 8?
- Indicate whether each of the following assets and liabilities typically should be classified as current or long-term: (a) accounts receivable; (b) prepaid rent for the next six months; (c) notes receivable due in two years; (d) notespayable due in 90 days; (e) notes payable due in five years; and (f) patent.closing is july 10. the lender uses a 360 day year for interest proration and payments are due on the first day of each month. The loan balance at closing is 75000 and the interest rate is 11%. How much accrued interest will be due at the closing from the seller 206.25 229.17 481.25 504.17What is the due date of a 220-day loan made on Feb. 12? Group of answer choices Sep 20 Sep 21 Aug 20 July 30
