Michael is planning to apply for a loan in Quezon Cooperative Bank, he is already aware of the terms payment for his loan but when he is about to pass his application form and compare his computation with the terms of payment provided by the bank he notices some discrepancy. Michael's Computation Computation from the bank Amount of Loan: P100,000 Amount of Loan: P100,000 Interest rate: 3% Interest rate: 3% Due Date: After 3 years Year 2 6090 Year 3 9272.70 Year 1 Computation: I = (100, 000)(0.03(3) I = P9,000 Amount to be paid after 3 years Int 3000 %3D Amt 103,000 106,090 109,272.70 %3! P109,000 To enlighten he asked some explanations why they have different computations and the bank gave him the detailed computation: Initially at t = 0 P100,000 P100,000 (1.03) = P103,000 P103,000 (1.03) = P106,090 P106,090 (1.03) = P109,272.70 at t = 1 %3! at t = 2 at t = 3 Questions 1. Is Michael's computation correct? 2. Is the bank's computation fair? Why? 3. How much is the difference in the total amount to be paid betwe Michael's computation and the bank's computation? 4. Why do you think the bank's computation yielded more interest? 5. Do you think the bank committed an error in the computation of amount to be paid?

Subject:

You are the loan department supervisor for a bank. This installment loan is being paid off early, and it’s your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round to the nearest cent)

Jason and Matthew borrowed $38.400 on a 7-month, 5% note from Gem State Bank to open their business, Blossom's Coffee House The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) ✓ Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Date ne 1, 2025 Account Titles and Explanation (b) Question 5 of 12 Cash Date Notes Payable eTextbook and Medial Prepare the entry to accrue the interest on June 30, (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Account Titles and Explanation Debit 38400 Credit Debit…