On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. How much must Noble pay South Bank on 1 May, Year 2, when the note matures?
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On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. How much must Noble pay South Bank on 1 May, Year 2, when the note matures?
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- 1. At year-end, Roth Company issued a P1,000,000 face value note payable to Wake Company in exchange for services rendered to Roth. The note, made at usual trade terms, is due in nine months and bears interest, payable at maturity, at the annual rate of 3%. The market interest rate is 8%. The compound interest factor of 1 due in nine months at 8% is 0.944. At what amount should the note payable be reported at year-end? 2. On March 1, 2021, Cain Company issued at 103 plus accrued interest 4,000 bonds of 9%, P1,000 face amount. The bonds are dated January 1, 2021 and mature on January 1, 2031. Interest is payable semiannually on January 1 and July 1. The entity paid bond issue cost of P200,000. What is the net cash received from the bond issuance? 3. On January 1, 2021, Luyang Company issued 3-year bonds with face amount of P5,000,000 at 98. Additionally, the entity paid bond issue cost of P140,000. The nominal rate is 10% and the effective rate is 12%after considering the bond issue…1-On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 months, amounting to TL 500,000. The annual interest rate is 20% and the principal is transferred to the demand deposit account of the enterprise in the same bank together with the interest at the end of the maturity. (Financial statements will be prepared annually and the tax rate is 15%) . According to this, what is the amount of interest income corresponding to the current period as of the end of the period? a) 20.000 TL B) 60.000 TL NS) 25.000 TL D) 50,000 TL TO) 75.000 TLOn September 1, 2020, a company borrowed on a P5,400,000 note payable from a bank. The note bears interest at 12% and is payable in 3 equal annual principal payments of P1,800,000. On this date, the bank's prime rate was 11%. The first annual payment for interest and principal was made on September 1, 2021. On December 31, 2021, what amount should be reported as accrued interest payable?