KDirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate ofinterest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21,and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May16, 7.5% effective August 1, and 7.8% effective November 12The accrued interest on December 31 is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesas needed)

The objective of the question is to calculate the accrued interest on a loan with variable interest…

Answered: K Dirk Ward borrowed $13,000 00 for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
On February 1, 2021, Miter Corp. lends cash and accepts a $1,000 note receivable that offers 12% interest and is due in six months. How much interest revenue will Miter Corp. report during 2021? Multiple Choice O O O O $120. $240. $100. $60.
Dirk Ward borrowed $11,000.00 for investment purposes on May 7 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $600 on June 19, $100 on September 18, and $1100 on November 23. How much is the accrued interest on December 31 if the rate of interest was 6% on May 7, 6.3% effective August 1, and 6.9% effective November 1? The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
OnApril8,Manuel borrowed $700.00from his uncle at 5.6%per annum calculated on the daily balance. He gave his uncle six cheques for $110.00dated the 8th of each of the next six months starting May8 and a cheque dated November8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for AmountPaid,InterestPaid,and Principal Repaid.Complete the repayment schedule below. (Roundto the nearest cent asneeded.)Payment NumberBalance Before PaymentAmount PaidInterest Paid0Apr.81May8$700.00$110.00$2June8$$110.00$3July8$$110.00$4Aug.8$$110.00$5Sept.8$$110.00$6Oct.8$$110.00$7Nov.8$$Totals:$$
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Compute interest and find the maturity date for the following notes. (a) date of note: June 10 Principal: $80,000 Interest Rate: 6% Term: 60 days (b) Date of Note: July 14 Principal: $50,000 Interest Rate: 7% Term: 90 days (c) Date of Note: April 27 Principal:$12,000 Interest Rate: 8% Term: 75 days
acc
On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under current liabilities in the balance sheet on 31 Dec 2020? a. RO 3,000 b. RO 6,000 c. RO 7,000 d. RO 5,000
nt Shawn Bixby borrowed $25,000 on a 120-day, 15% note. After 60 days, Shawn paid $2,800 on the note. On day 96, Shawn paid an additional $4,800. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due
Al Reem Co. signed an $18,000 six-month note payable on September 1 that bears intérest at a rate of 5%. How much is the total interest to be accrued on this note at December 31? O a. $300. O b. $900. O c. $75. O d. $450.
P. nil

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