A company took a loan on the May 15th and paid it back on the Oct 20th. The amount of interest they needed to pay was 1 808,34 € The interest rate of the loan was 2,8% Calculate the amount of the loan. Principal Start date End date Rate Time Days Interest Answer:
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- A loan for RM6,500 with a simple interest rate of 18% was made on June 15 and due on September 15. a) Find the exact interest. b) Find the ordinary interest.Slingerland borrowed $6,000 on July 20, at 11% interest. If the loan was due on October 15, what was the amount of interest on the loan using the exact interest method? A. $103.07 B. $143.01 C. $157.32 D. $220.00on 1.9.20x1 the company received an interest-bearing loan of 12000 euros for a period of 8 months. the interest rate was agreed at 8% per annum and all interest will be paid at the end of the loan, along with the principal.to make the accounting entry
- What was the principal amount of a loan at 9%fS67.78 of interest accrued from October 28 2014, to April 14, 2015?Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 787.5 6 months $1,575 9Legitimate Financial Services made a loan at 9.75% interest for 252 days. If the amount of interest was $210.50, use the exact interest method to find the amount of principal borrowed. (Round to the nearest whole dollar amount.) 00 $2,159 $2,999 $3,127 $3,388
- 3. A loan of $500 at 7% annual interest rate. The loan was made on March 15 and due on Мay15. Find the ordinary interest using: a) Ordinary time b) Exact time c) Find the Exact Interest using exact time a. I= 500 x 0.07/360 x 60 = $5.831 = 500(É b. I= 500 x 0.07/360 x 61 = $5.93 - c. I= 500 x 0.07/365 x 61 = $5.8A loan has been made by the bank on 31st October for 60 days to Company Trading LLC. Company Trading LLC has signed a note with face value equals to the amount borrowed. Trading LLC. has issued a note payable to the bank for OMR 5,000 plus interest at rate of 12% for 60 days. On due date of the notes payable at the time of payment, which journal entry will be passed by the company XYZ? Notes payable will be debit OMR 5,100, Cash will be credit OMR 5,100 None of these Notes payable will be debit OMR 5,000 and interest will be debit OMR 100, cash will be credit OMR 5,100 Notes payable will be debit OMR 5,100, interest will be credit OMR 100, cash will be credit OMR 5,000 Which one of the following is not a cash transaction? iull lis usl 直0 TOSHIBAFind the simple interest on a loan if $5,682.00 was borrowed at 11 3⁄4 % from July 1 to December 31 of the same year.
- 1.Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months Date Debit Credit Db Cr b) Adjustment entry at year end on December 31. 2019 to record for the interest owed. Date Debit Credit Db Cr c) Payment of the note on May 1, 2020. Date Debit Credit Db Cr1.) FInd the oddinary interest on 500,000 at 5.5% invested fro, April 1 to December 24, 2017 using actual time and approximate time. 2.) Find the simple interest on 20,000 borrowed on May 1 and will be paid after 6 months at 6.25% interest using exact time. 3.) What Amount should be paid on July 5, 2017 on a loan of 100,000 made on January 25, 2018 with 4.7% simple interest? 4.) An eligible Pag-IBIG member may borrow up to a maximum of 80% of his total accumulated value (TAV) subject to the terms and conditions of the program. After a strong typhoon, Mang Liloy applied for a calamity loan of 30,000. The current interest rate for the calamity loan is 5.95% per annum. How much interest does Mang Liloy have to pay at the end of 1 year?Today is June 1. Sustainable Corporation has an obligation of $25 million coming due on August 1. The company is planning to borrow this amount on August 1 to fulfill its obligation, and plans to pay back the loan on December 1. The company’s borrowing rate is LIBOR + 125 basis points. The company’s bank presents it with the following LIBOR term structure: # days LIBOR 30 0.90% 60 1.00% 90 1.05% 120 1.10% 150 1.15% 180 1.18% 210 1.20% 240 1.21% For the calculation of interest, the bank assumes 30 days in a month, and 360 days in a year. Ms. Devro, the VP Finance of Sustainable, is worried that LIBOR will increase between June and August, thus increasing the company’s borrowing cost. She advises that the company enters into a forward rate agreement (FRA) with its bank to hedge its interest rate risk. She has asked you, the treasurer of the company, to present her with answers to the following questions: c. July 1 is the end…