QUESTION 12A landscaping company buys a new bulldozer for $61,000.00.The company makes a down payment of $15,000.00 and finances the balance at 6.0% APR over 60months.The monthly payment is $889.33.A split second after making the 12th payment, the company owner decides to pay the remainingbalance on the loan.What is the total amount due to pay off the balance? Use the actuarial method.If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635,in your textbook to solve this problem, the result will match exactly with one of the answers. If youuse a spreadsheet to do the computation, your result will not match exactly with any of theanswers, but it will differ only very little (mostly less than $1) from the "correct" answer.O $31,418.37O $33,772.15O $37,867.33O $44,784.81

The loans are paid by the monthly payments that are equal monthly payments these carry the payment…

Answered: A landscaping company buys a new…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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Question 12 of 13 Lush Gardens bought a new truck for $85,000. It paid $10,000 as a down payment and financed the balance at 4.00% compounded monthly. If the company makes payments of $1,575 at the end of every month, how long will it take to pay off the loan? year(s)+ month(s) Round up to the next payment period. Give your answer in years and months.
Problem 4: Read the question and solve the problem below. Write your complete solution. Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php 1,000 and financed the rest at 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s. Need complete solutions
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $670,000. The terms of the loan are 3.8% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer 2,121.67 ✔ Feedback Check My Work Remember the formula used to calculate the amount of interest expense. Refer to the textbook for an example. The formula involves three important components. B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment f the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 Interest Expense Cash ✔ ✓ May 20 Short-Term Notes Payable ✓ Interest Expense Cash ✔ ✓ 2,121.67 ✓ two decimal places. 2,121.67 ✔ 672,121.67 ✔
Solve using a financial calculator. A truck costing $114,000 is paid off in monthly installments over four years with 6.3% APR. After three years the owner wishes to sell the truck. What is the closest amount from the following list that he needs to pay on his loan before he can sell the truck? A. $37,488 B. $43,736 C. $24,992 D. $31,240
Question 12 of 12 Lush Gardens Co. bought a new truck for $50,000. It paid $5,500 of this amount as a down payment and financed the balance at 4.54% compounded semi-annually. If the company makes payments of $1,800 at the end of every month, how long will it take to settle the loan? years months Express the answer in years and months, rounded to the next payment perlod
Question 2 of 8 General Computers Inc. purchased a computer server for $59,500. It paid 45.00% of the value as a down payment and received a loan for the balance at 7.00% compounded semi-annually. It made payments of $2,500.41 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? 15 payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number Payment Interest Portion Principal Portion Principal Balance
Question Content Area Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $640,000. The terms of the loan are 3.1% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Question Content Area A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank a1966f06806a02f_1 Question Content Area B. 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. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 - Select - - Select - - Select - - Select - May 20 - Select - - Select - - Select - - Select - - Select - - Select -
please use ba II when possible A truck costing $120,000 is paid off in monthly installments over four years with 6.3% APR. After three years the owner wishes to sell the truck. What is the closest amount from the following list that he needs to pay on his loan before he can sell the truck? A. $39,461 B. $26,307 C. $46,037 D. 32,884
Please use BA II when possible. A pottery factory purchases a continuous belt conveyor kiln for $48,000. A 6.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $428.13, over what term is this loan being paid? A. 14 years B. 15 years C. 13 years D. 12 years
QUESTION 2 Golden Dragon Restaurant obtained a $9000 loan at 9% compounded annually to replace some kitchen equipment. What is the size of the final payment if payments of $1800 are made semi-annually? Dwy
Question A .Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $679.35 at the end of every year over three years. If interest is 5.9% compounded semi-annually, what was the original loan balance? Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line
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.

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