Margeaux's bill of P6 000 was due on March 6. A purchase of P 2 000 was made on March 18 and P 4 500 was charged on March 25. A payment of P 7 500 was made on March 22 and she also made a purchase of P 2 750 on March 28. The interest on the average daily balance is 3.5% per month. Find the current balance if the billing date is every 6th of the month. Answer:
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- Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?If the finance charge on a loan made by Marjorie Young is $1,525 and the loan is to be paid in 36 monthly payments, find the finance charge refund if the loan is paid in full with 18 months remaining. The finance charge refund is S (Type an integer or decimal rounded to the nearest hundredth as needed.)delta corporation obtained a $45, 000 loan at a rate of prime +1.15% on July 18. Fixed payments of $3500 are due on the 25th of each month, beginning August 25. The prime rate was 3.85% on july 18 and rose to 4% on september 6. What is the outstanding loan balance immediately after the september 25th payment?(use 365 days a year. Do not round immediate calculations. Round your final answer to 2 decimal places.)
- Automotive Excellence Inc. borrowed $18,000.00 on june 21 with an interest rate of 8.9% per annum. On july5, $6000.00 was repaid, and on august 10, $5000.00 was repaid. Automotive Excellence paid the balance of the loan on October 11. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed.Automotive Excellence Inc. borrowed $16,000.00 on May 11 with an interest rate of 8.7% per annum. On July 21, $4800.00 was repaid, and on August 12, S6500.00 was repaid. Automotive Excellence paid the balance of the loan on October 6. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Onse took a loan of P2,000 that is repaid by a payment of P2,500 made 24 months later. Find the annual percentage rate
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- A print shop borrows $2900 from a credit union for 231 days. The credit union charges simple interest at an annual rate of 8.25% for this loan. Assume each day is of a year. Answer each part below. 365 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 231 days. $0 (b) Assuming the print shop doesn't make any payments, find the amount owed after 231 days. ? 2 B 4Dirk Ward borrowed $15,000 for investment purposes on May 10 on a demand note providing for a variable rate of interest and payment of any accrued interest up to, and including, December 31. He paid $390 on June 25, $150 on September 20, and $200 on November 5. How much is the accrued interest on December 31 if the rate of interest was 7.5% on May 10, 6% effective August 1, and 5% effective November 1? (Use the Declining Balance Method) June 25 Payment Calculate the interest accrued to June 25. Calculate the amount of the payment that can be applied to the principal. Calculate the remaining principal. September 20 Payment Calculate the interest accrued to August 1. Calculate the interest accrued to September 20. Calculate the amount of the payment that can be applied to the principal. (a negative number) Calculate the remaining principal. The September 20 payment is not enough to cover the interest accrued to September 20. Nothing can be deducted from the principal, but the interest is…The interest rate on a $115,000 loan is 8.6% compounded semiannually. The monthly payments on the loan are $900. (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 200. Interest S b. Calculate the principal component of Payment 135. Principal c. Calculate the final payment. Final payment