Natalle is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2015, from Natalie's grandmother. Interest on the note is 6% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2015 (1/2 month), December 2015, and January 2016. Calculate the interest payable that was accrued and recorded to July 31, 2016, assuming monthly adjusting entries were made. Interest payable SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
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- Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30. The note required semiannual interest payments at the rate of 6 percent. The entire principal balance was due two years from the origination date of the note. Kate has been accruing interest on a monthly basis in the amount of $75. Kate would like to know how she should record the interest in May, the month she makes the first interest payment. She is unsure how much expense will need to be recorded in May. The upcoming interest payment is really not Kate’s main concern right now. She was just notified by a lawyer that she is being sued for copyright infringement. Mega Cards Incorporated, one of the largest greeting card companies, believes that one of Kate’s designs is too similar to one of Mega’s designs for it to be coincidence, and has, therefore, decided to sue Kate’s Cards. Mega has a prior reputation for suing small companies and settling out of court for lesser damages. Kate,…Gabe opened an RRSP deposit account on December 1, 2008, with a deposit of $2000. He added $2000 on November 1, 2010, and $2000 on April 1, 2012. How much is in his account on August 1, 2016, if the deposit earns 8.3% p.a. compounded monthly?On August 19, Siobhan O’Sullivan started an ordinary annuity. She arranged to have $150 deducted from her end-of-month paychecks. The money would earn 6 7/8 % interest compounded monthly. a) Find the future value of the account on December 1.b) Find Siobhan’s total contribution to the account.c) Find the total interest earned.
- Esther deposited $25,000 in a savings bank on January 13,2013. At that time the bank was paying 4% interest compounded quarterly. On July 13, 2015, the bank announced that it would start paying 4.5% interest, compounded quarterly. How much did Esther have to her credit on July 13, 2017? Answer: POn April 16, Anthony borrowed$1279 to buy a new laptop. The loan had a simple interest rate of 3.8% and was for 225 days. Anthony made a partial paymentof$700 on July 19. How much will Anthonyowe on the date of maturity of the loan?Kaye deposited $8,500 into a savings account today. For how long can $600 be withdrawn from the account at the end of every three months starting three months from now if interest is 7.1% compounded quarterly? State your answer in years and months (from 0 to 11 months). She can make withdrawals for year(s) and month(s).
- On January 1, 2006, Mr. Jones took out a loan amounting to $10,000. He then made annual repayments of $1,000 on the first day of 2007, 2008, and 2009. Additionally, on July 1, 2009, he made an extra payment of $5,000 and ceased any further repayments. Assuming the quarterly discount rate is 8%, calculate the remaining balance of Mr. Jones's loan as of January 1, 2015.Angela's Running Store borrowed $12,000 on June Ist at a simple interest rate of 6%. Angela agreed to repay the loan with payments of $5,000 on the first of every month. Make a loan repayment scheddle for this loan. Make sure to include interest payments, principal repayments and the new balance for each payment.Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30. The note required semiannual interest payments at the rate of six percent. The entire principal balance was due two years from the origination date of the note. Kate has been accruing interest on a monthly basis in the amount of $75. Kate would like to know how she should record the interest in May, the month she makes the first interest payment. She is unsure how much expense will need to be recorded in May. The upcoming interest payment is really not Kate’s main concern right now. She was just notified by a lawyer that she is being sued for copyright infringement. Mega Cards Incorporated, one of the largest greeting card companies, believes that one of Kate’s designs is too similar to one of Mega’s designs for it to be coincidence, and has, therefore, decided to sue Kate’s Cards. Mega has a prior reputation for suing small companies and settling out of court for lesser damages. Kate,…
- On April 5, 2019, Janeen Camoct took out an 8.5% loan for $20,000. The loan is due March 9, 2020. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2020? (Ignore leap year.) Required: What are the number of days between the two dates listed below? Note: Use the DATEDIF or DAYS function to calculate the number of days. 4/5/2019 3/9/2020 What is your principal? Note: Answer should be entered as a numeric value and not a formula. What is your rate? Note: Answer should be entered as a numeric value and not a formula. What is the time? What total amount will Janeen pay on March 9, 2020?Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance 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 you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35On 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 Amount