What is grace period? O The amount of time you have before your payment is due. O The amount of time you have to pay back a balance before it starts accumulating interest. O The amount of time you have before the payment damages your credit. O None of the above.
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- Part 3 is wrong when figuring out monthly payments, which I'm slightly confused on figuring out how much we pay in interest compared to the loan amount.To calculate the withdrawal amount from an account in which you want to decrease the balance, you use the __________________ formulaChoose the best answer from the choices provided. As a loan is paid off, the monthly payment increases debt and interest portions do not change each interest period interest potion of the fixed payment increases debt portion of the fixed payment increases
- Simple interest applies when interest is earned _____________. a. on interest b. in a serious of payments c. to a checking account d. only once before a paymentCalculate the missing information for the installment loan that is being paid off early.How do you get the last addition loan and ending cash balance?
- Allowance for Bad Debts is what kind of account? Fill in the blank???????????If after sometime, I haven't paid yet my accounts payable to you, and you don't expect that I can pay you, you will recognize an expense called bad debt expense. Is this either true or false? please explain thanks.An annuity due is one in which _____. a. payments or receipts occur at the beginning of each period b. payments or receipts occur at the end of each period c. cash flows occur continuously d. payments or receipts occur forever
- Which of the following is not a characteristic of a short-term note payable? A. Payment is due in less than a year. B. It bears interest. C. It can result from an accounts payable conversion. D. It is reported on the balance sheet under noncurrent liabilities.Which of the following increases the reported receivables in the financial statements? offsetting a credit balance in an account receivable a credit balance in an account payable adjustment to eliminate a debit balance in accounts payable a credit balance in an allowance account Short-term receivables including non-trade receivables that are currently collectible may not be discounted to their present values because their face values are normally immaterial. they are so near their maturity dates that their values do not change. present value computation is very complex. the effect of discounting may be immaterial Which of the following statements is incorrect concerning the expected credit loss model of PFRS 9? The expected credit loss model applies to all financial instruments within the scope of PFRS 9, debt and equity alike. A credit loss may be recognized on the initial recognition of a debt instrument. The measurement of loss allowance is the same in…Which of these statements is true? A)There is no reason to pay off a loan early B) when shopping for a loan, you need to compare only APRs C) the more you owe, the higher your interest payment will be D) you can save money by making the smallest down payment the lender will allow