FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Given: princial $10,000, interest rate 8%, time 240 days (use ordinary interest).
Partial payments: on 100 days, $4,000. On 180 day $2,000.
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- You have taken a loan of $6,000.00 for 3 years at 2.9% compounded monthly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest Balance 0) $6,000.00 1) $ 2) 3) $ $arrow_forwardCompute for the simple interest earned given the principal P, interest rate r and time t. a) P = 10,000 pesos; r = 5%; t = 3 b) P = 100,000 pesos; r = 20%; t = 7 months c) P = 25,000 pesos; r = 12.5%; t = 165 days (ordinary interest)arrow_forwardCalculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Finance Charge per $100 Number of Monthly Payment Amount Finance APR Financed Payments Charge $14,000 $489.00 $ 36 %arrow_forward
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