FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Use the ordinary interest method to find the rate of interest that Valley Mountain Vineyards pays on a loan of $5,700 for 236 days, if the amount of interest is $365.67. (Round to nearest tenth percent.) 4.1% O 6.4% O 9.8% O 12.5%arrow_forwardYou have just borrowed $20,000 on a 10 year loan at 8% simple interest.Complete the Amortization table below for the first 6 month of the loan. Payment Number Beginning Balance payment Amount Applied to interest Applied to principle ending balance 1 20,000.00 242.66 133.33 109.32 A 2 19,890.68 242.66 132.60 110.05 19,780.63 3 19,780.84 B 131.87 110.78 19,669.84 4 19,669.84 242.66 131.13 C 19,558.32 5 19,558.32 242.66 D 112.27 19,446.05 6 E 242.66 129.64 113.01 19,333.04arrow_forwardAs one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $220,000 7.50% 25 $ $6,543 $2,156 $arrow_forward
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