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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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
Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. $fill in the blank 2 b. fill in the blank 4 c. fill in the blank 6 d. fill in the blank 8 e. fill in the blank 10
Bruno took out a variable rate $10,000 loan on May 5th at prime 4% when prime was set at 3%. The prime rate increased on June 15 How much simple interest dos Alex owe if the loan is paid back on July 19? Select one: a $78.63 Ob $148.50 Oc$69.86
The Deposit value on 10/1/20 is 4X. Not 8X.
Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
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
Dirk Ward borrowed $13,000.00 for investment purposes on May 13 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $900 on June 8, $200 on September 10, and $600 on November 20. How much is the accrued interest on December 31 if the rate of interest was 8% on May 13, 8.6% effective August 1, and 9.2% 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.)
수 Shelley borrowed $1021.00 from the Central Bank at 8.9% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $218.00 per month. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Balance Before Payment Payment Number 0 1 4 $1021.00 ... Amount Paid $218.00 Interest Paid Principal Repaid Save $ Balance After Payment $1021.00 $
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 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.
None
Palisades Inc purchased several trucks with an installment note payable on 1/1/2019. Palisades Incagreed to pay $50,000 at the end of each year for four years. The instalments will fully pay off theloan and all interest. The interest rate of the loan was 4%. What was Palisades Inc's loan balance at12/21/20192 (Round your answer to the nearest dollar)PV of $1 when N=4, 1=4% =0.85480PV of annuity when N=4, I=4% = 3.62990)

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