Hewlett Plastics Inc. received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10. ？years and ？months $10,000 is invested today in 6-month term deposit that has an interest rate of 2.5% p.a. At the end of the 6 months, the maturity value of the first term deposit is re-invested into a 3-month term deposit at an interest rate of 3.5% p.a. What is the maturity value at the end of the second term deposit?
Hewlett Plastics Inc. received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10. ？years and ？months $10,000 is invested today in 6-month term deposit that has an interest rate of 2.5% p.a. At the end of the 6 months, the maturity value of the first term deposit is re-invested into a 3-month term deposit at an interest rate of 3.5% p.a. What is the maturity value at the end of the second term deposit?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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Question
Hewlett Plastics Inc. received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10.
？years and ？months
$10,000 is invested today in 6-month term deposit that has an interest rate of 2.5% p.a. At the end of the 6 months, the maturity value of the first term deposit is re-invested into a 3-month term deposit at an interest rate of 3.5% p.a. What is the maturity value at the end of the second term deposit?
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