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.
Q: A company borrowed $18,000 paying interest at 6% compounded semi-annually. If the loan is repaid by…
A: For loans, outstanding balance refers to amount which is payable towards lender at a given point of…
Q: Lenagar Lumber Inc. is making monthly payments of $572.39 and paying nominal 9% interest on a…
A: A loan amortization table is a schedule of loan payments with bifurcation of interest paid in…
Q: utomotive Excellence Inc. borrowed $16,000.00 on May 11 with an interest raté of 8.7% per annum. On…
A: We need to compute loan balance as on October 6.
Q: DAMIPERA Corporation, a lending institution, provided a loan to LAPERA Company for Php5,000,000 on…
A: On 01.01.2020, DAMIPERA corporation provided loan to LAPERA company = Php5000000 Loan term = 5 years…
Q: Parker borrowed $283,000 at 7.5% compounded quarterly to finance the purchase of a pizza franchise.…
A: The loan which is discharged by making installment payments consist of two components as interest…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Interest rate= Prime rate +4% = 8% + 4%= 12% Interest is calculated for the number of days on…
Q: Alhambra Corporation borrowed $1 million from Anaheim Bank with the understanding that Alhambra will…
A: here PV = $1 MILLION or $1,000,000 nper = 6 and PMT = 175,000. FV = 0. We have to find the rate…
Q: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank…
A: Interest: Interest is an amount that is paid by the borrower on the use of that borrowed money. In…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Prime rate The current interest rate charged by the financial institution to its customers is known…
Q: On April 3, the Mears Flag Company borrowed $15,000 to pay for start-up costs for its new showroom.…
A: Simple interest means that an account holder will only gain interest on the principal and the…
Q: Dirk Ward borrowed $10,000 for investment purposes on May 10 on a demand note providing for a…
A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…
Q: require an annual fee of 50,000 and an interest of 1% per month. On March 1, 2020, 3,000,000 is used…
A: Interest on remaining period on purchase value in credit line Purchase value = 30,00,000 used upto…
Q: On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest.…
A: Introduction: Interest refers to the amount charged by the lender on the lent amount. The borrower…
Q: Dayannara Bank loaned P5,000,000 to Dama Company on January 1, 2007. The terms of the loan require…
A: In order to determine the impairment loss, the present value of the loan is required to be…
Q: Glen Pool Club, Inc., has an installment loan outstanding with a current balance of $141,000. The…
A: Loan Outstanding =$ 141,000 Interest rate = 6% p.a 6% interest p.a. is given so one month's…
Q: Dirk Ward borrowed $12,000.00 for investment purposes on May 8 on a demand note providing for a…
A: Accrued Interest - It is the amount of interest has been incurred over a specific period / date, on…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Cook security systems has line of credit = $37500 Annual charge rate = 4% On October 1, Opening…
Q: Which interest rate compounded annually is Watson paying on this loan?
A: Information Provided: Loan amount = $44,940 Periodic payment = $10,000 Years = 10
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Given, Cock security system has $37500 line of credit Annual percentage rate = 4% october pmt -…
Q: Automotive Excellence Inc. borrowed $18,000.00 on March 4 with an interest rate of 8.8% per annum.…
A: We need to compute loan balance as on October 3 to determine the final payment.
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Interest rate applicable = Prime rate + premium Interest will be charge when the line of credit…
Q: On January 1, 20X9, Fast Bank made a P2,000,000, 8% loan. The P160,000 interest is receivable at the…
A: The original amount of the loan =2,000,000. It is mentioned that the borrower is experiencing…
Q: Compute the interest expense due each month. Show the journal entry to recognize the interest…
A: Introduction: A short-term notes payable is a promise to pay the amount of loan at a fixed rate…
Q: A factory operator bought a Diesel generator set for P1,000.000.00 and agreed to pay the supplier…
A: Note: It is assumed that the Price at which Diesel Generator was bought is P1,000,000 and…
Q: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank…
A: Given: Loan taken on Sep 20=$680000Annual interest rate =3.4% Payable in =8 months i.e. on May 20
Q: Automotive Excellence Inc. borrowed $18,000.00 on May 26 with an interest rate of 10.8% per annum.…
A: Formula: Interest amount = Principal amount x interest rate x ( Number of days / 365 days )…
Q: Using the Present Value of an Annuity of 1 TABLE4, calculate the factor. Next, determine the annual…
A: 1. In this case the annual payment is made and thus present value of annuity factor would be used to…
Q: On June 21, Fat Tires Ltd borrowed $9000.00 with an interest rate of 5.9%. The loan was repaid in…
A: Interest=9000*5.9%14/365+6500*5.9%*35/365+3400*5.9%*62/365 =20.35+36.77+34.07 =91.19
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Interest rate will be equal to addition of current prime rate plus annual percentage rate. = 8% + 4%…
Q: CM Company borrowed 2,000,000 from the bank on June 30, 2015. The loan has an annual interest rate…
A: A loan appears to be an engagement where a lender makes funds available to another party in return…
Q: Dirk Ward borrowed $11,000.00 for investment purposes on May 21 on a demand note providing for a…
A: 1). (May 21 to July 31) May • $11,000 × 6/100 × 11/365 = $19.89 June & july • $11,000 × 6/100 ×…
Q: Automotive Excellence Inc. borrowed $17,000.00 on May 11 with an interest rate of 10.7% per annum.…
A: Total Amount borrowed On May 11th is $17,000.00 Interest rate per annum is 10.7% Amount repaid on…
Q: MMS Corp borrows $1,650,000 today for a new building. The loan is an equal principal payment loan…
A: Calculation of Current Portion of Debt in Month 16:The current portion of month debt 16 is…
Q: A company borrowed $13,000 paying interest at 7% compounded quarterly. If the loan is repaid by…
A: Amortization schedule shows the amount of total interest and total payments made the principal…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Line of credit (LOC) can be defined as the prespecified of money that can be borrowed from a lender…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Line of credit is service which is provided by bank or financial body to customer or business to…
Q: A bank loaned JL's Boutique money at 8% simple interest for 90 days. If the amount of interest was…
A: Given information, Simple interest(SI)=P4,000 Rate(R)=8% Time(T)=90 days =0.25 years
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Loan is a value which is borrowed from the sources like bank and amount repaid later with and extra…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Interest on Line of credit is based on the opening balance of the period before the balance is…
Q: Pamela borrowed $12,000 for investment purposes on March 12 on a demand note providing for a…
A: In the given question:- Pamela borrowed $12000. We have been given four different dates for…
Q: On January 1, a company purchases equipment with a $5,000 down payment and $5,000 due on January 1…
A: Down payment on January 1 = $ 5000 Interest rate = 8 % Due of next 5 years of each year $ 5000.…
Q: Cooper Stereos has a $22,500 line of credit which charges an annual percentage rate of prime rate…
A: The calculation is:
Q: TNT Construction borrowed $150,000 at 7.26% compounded annually and signed a contract with the…
A: Solution:- When an amount is borrowed, the borrower has the option whether to repay it in lump sum…
Q: On January 1st, 20x0 "ABC" Company borrowed $150,000 for 4.00 years from a local bank. According to…
A: The interest paid over the term of a loan can be computed by deducting the amount borrowed from the…
Q: Dirk Ward borrowed $13,000.00 for investment purposes on May 8 on a demand note providing for a…
A: Accrued interest is the interest which is to be paid to the lender of the loan but which has not…
Q: cool security systems has $37,500 line of credit , which charges an annual percentage rate of prime…
A: The closing balance can be calculated as follows :
Q: A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial…
A: Declining balance method aims to calculate the amount of interest on the unpaid balance of loan on…
Q: On January 1, 2014, Fabco borrowed $5,000,000 from First Bank of Newburg. The loan had a term of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 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 October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)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.
- Automotive Excellence Inc. borrowed $17,000.00 on May 11 with an interest rate of 10.7% per annum. On July 21, $5800.00 was repaid, and on August 12, S6000.00 was repaid. Automotive Excellence paid the balance of the loan on October 6. What was the final payment? The final payment was S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Automotive Excellence Inc. borrowed $17,000.00 on March 4 with an interest rate of 8.6% per annum. On June 1, $5100.00 was repaid, and on August 16, $5600.00 was repaid. Automotive Excellence paid the balance of the loan on October 3. 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.)K- Automotive Excellence Inc. borrowed $19,000.00 on April 8 with an interest rate of 5.9% per annum On June 17, $5900.00 was repaid, and on August 9, $6400.00 was repaid. Automotive Excellence paid the balance of the loan on December 1 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) DR
- Automotive Excellence Inc. borrowed $16,000.00 on April 16 with an interest rate of 4.9% per annum. On May 30, $5500.00 was repaid, and on August 15, $5100.00 was repaid. Automotive Excellence paid the balance of the loan on October 27. 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.) CAutomotive Excellence Inc. borrowed $18,000.00 on May 26 with an interest rate of 10.8% per annum. On June 25, $4900.00 was repaid, and on September 18, $5500.00 was repaid. Automotive Excellence paid the balance of the loan on November 24. 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.)On June 21, Fat Tires Ltd borrowed $9000.00 with an interest rate of 5.9%. The loan was repaid in full on October 11, with payments of $2500.00 on July 5 and $3100.00 on August 10. What was the final payment?
- On June 2, Fat Tires Ltd. borrowed $10,000.00 with an interest rate of 7.6%. The loan was repaid in full on November 14, with payments of $2700 00 on September 1 and $3300.00 on October 3. 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)Use the information presented below in answering questions 11-15. On December 31, 2018, Tina Company, a financing institution lent P4,000,000 to Erika Corporation due three years after. The loan is supported by an 6% note receivable. Transaction costs incurred to originate the loan amounted to P100,000, P466,557 was chargeable to Erika as origination fees. Interest on the loan are collectible at the end of each year. The yield rate on the loan is 11%. Tina was able to collect interest as it became due at the end of 2019 and 2020. During 2021, however, due to Erika Corporation’s business deterioration and due to political instability and faltering global economy, the company was not able collect amounts due at the end of 2021. After reviewing all available evidence at December 31, 2021. Tina determined that it was probable that Erika would pay back only P2,500,000 is collectible as follows: December 31, 2023 0.5M December 31, 2024 1M December 31, 2025 0.6M December 31, 2026…A company borrows $100,000 with interest at j₁2 = 9%. The loan is to be amortized by monthly payments of $1550 for as long as necessary. A final smaller payment will be calculated so the loan will be exactly repaid. The outstanding balance immediately after the th th 88 payment is $796.44. What is the value of the 89" and final payment? O A. $790.51 B. $796.44 C. $802.41 D. $808.43