On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $2,100. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. Antonio will make 18 equal monthly payments, beginning October 1, 2024. The annual interest rate implicit in this agreement is 24%. Required: Calculate the monthly payment necessary for Antonio to pay for his purchases. Note: Use tables, Excel, or a financial calculator. Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Monthly payment
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- On April 1, 2021, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. John will make 18 equal monthly payments, beginning October 1, 2021. The annual interest rate implicit in this agreement is 24%.Required:Calculate the monthly payment necessary for John to pay for his purchases.On January 1, 2021, Tropical Paradise borrows $37,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $613.20 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1. Record the issuance of a note payable. 2. Record the first monthly payment. 3. Record the second monthly payment.On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2021.Required: Record the issuance of the installment note payable and the first two monthly payments.
- On April 1, 2018, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In order toincrease sales, Acme allows customers to pay in installments and will defer any payments for six months. Johnwill make 18 equal monthly payments, beginning October 1, 2018. The annual interest rate implicit in this agreement is 24%.Required:Calculate the monthly payment necessary for John to pay for his purchases.On January 1, 2021, Tropical Paradise borrows $36,000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $829.05 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 3. Record the issuance of a note payable. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021On January 1, 2024, Tropical Paradise borrows $39,000 by agreeing to a 6%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $915.92 are due at the end of each month, with the first installment due on January 31, 2024. Required: Record the issuance of the installment note payable and the first two monthly payments. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet Record the issuance of a note payable. Note: Enter debits before credits. Date January 01, 2024 Cash General Journal Notes Payable Debit 50,000.00 Credit 50,000.00
- Otto Co. borrows money on April 30, 2019, by promising to make four payments of $13,000 each onNovember 1, 2019; May 1, 2020; November 1, 2020; and May 1, 2021. How much money is Otto able to borrow if the interest rate is 16%, compounded semiannually?Use the following information for the next two questions. Funan Industries purchases new specialized manufacturing equipment on July 1, 2019. The equipment cash price is P79,000. Funan signs a deferred payment contract that provides for a down payment of P10,000 and an 8-year note for P103,472. The note is to be paid in 8 equal annual payments of P12,934. The payments include 10% interest and are made on June 30 of each year, beginning June 30, 2020. (1) The carrying amount of the note payable on December 31, 2020 is a. P66,115 b. P62,966 c. P59,818 d. P56,329 (2) The total interest expense for the year ended December 31, 2020 is a. P6,900 b. P6,612 c. P6,599 d. P5,982On January 1, 2021, Tropical Paradise borrows $33,000 by agreeing to a 6%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $775.01 are due at the end of each month with the first installment due on January 31, 2021. Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
- Jie purchased a computer priced at $891.06, financing it by paying $60.38 on the date of purchase, and signing a contract to pay equal monthly payments over the next fifteen months. If the terms of the contract state that interest is calculated at 11.9% compounded monthly, how much does Jie have to pay at the end of each month? Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)K Jie purchased a computer priced at $1316.21, financing it by paying $60.16 on the date of purchase, and signing a contract to pay equal monthly payments over the next seventeen months. If the terms of the contract state that interest is calculated at 9.4% compounded monthly, how much does Jie have to pay at the end of each month? ... Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 2Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $51,800 in its bank account. The note has a 3-year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do…