On April 8, Fat Tires Ltd. borrowed $7000.00 with an interest rate of 4.2 %. The loan was repaid in full on December 1, with payments of $2800.00 on June 17 and $ 3100.00 on August 9. What was the final payment?
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- On June 21, Fat Tires Ltd borrowed $9000.00 with an interest rate of 5.9%. The loan was repaid in full on October 11, with payments of $2500.00 on July 5 and $3100.00 on August 10. What was the final payment?On April 3, the Mears Flag Company borrowed $15,000 to pay for start-upcosts for its new showroom. The loan had a simple interest rate of 8.25%and was for 270 days. The company was able to make partial payments of$6,000 on May 28 and $3,500 on October 12. How much will the companyowe on the date of maturity of the loan?Automotive Excellence Inc. borrowed $18,000.00 on june 21 with an interest rate of 8.9% per annum. On july5, $6000.00 was repaid, and on august 10, $5000.00 was repaid. Automotive Excellence paid the balance of the loan on October 11. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed.
- Central Auto Parts borrowed $450,000 at 9% interest on July 13 for 120 days. (a) If the bank uses the ordinary interest method, what is the amount (in $) of interest on the loan? (b) What is the maturity date?During the period, FDN Trading issued another promissory note for an additional loan of P67,000 and made total payments of P72,000. At the end of the period, FDN Trading’s notes payable had a balance of P190,000. How much is the beginning balance of the notes payable?On the April 12 interest payment date, the outstanding balance on Eastern Yard Service's revolving loan was $2,500. The floating interest rate on the loan stood at 6.0% on April 12, but rose to 6.5% on April 14, and to 7.25% on April 28. If Eastern Yard Service made a principal payment of $500 on April 30, what were the interest charges to its bank account on May 12?
- On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated interest rate of 10% and will mature on June 30, Year 2. All payments for principal and interest will be received at maturity. How much interest revenue will Barley report on its income statement for the year ended December 31, Year 1?During the period, FN Trading issued another promissory note for an additional loan of P74,000 and made total payments of P52,000. At the end of the period, FN Trading's notes payable had a balance of P190,000. How much is the beginning balance of the notes payable?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?
- On the June 12 interest payment date, the outstanding balance on Delta Nurseries’ revolving loan was $65,000. The floating interest rate on the loan stood at 6.25% on June 12, but rose to 6.5% on July 3, and to 7% on July 29. If Delta made principal payments of $10,000 on June 30 and July 31, what were the interest charges to its bank account on July 12 and August 12? Present a repayment schedule supporting the calculations. (Round your final answers to 2 decimal places.) Date Number of days Interest rate (%) Interest ($) Accrued interest ($) Payment (Advance) ($) Principal portion ($) Balance ($) 12-Jun -- -- -- -- -- 65,000 30-Jun 18 6.25 10,000.00 10,000 55,000 3-Jul 3 6.25 55,000 12-Jul 9 6.50 55,000 29-Jul 17 6.50 55,000 31-Jul 2 7.00 10,000.00 10,000 45,000 12-Aug 12 7.00 45,000On May 15, Holt's Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $1,200. Instructions (a)Determine the amount borrowed by Holt's. (b)Assume the amount borrowed was $54,000. What was the interest rate if the amount of interest owed was $900? (c)Prepare the entry for the initial borrowing and the repayment for the facts in part (a)Gingerbread Corp was issued a $250,000 loan at 8% with a five year maturity date. The partial amortization schedule prepared by the company accountant is presented below. What will the company record for interest expense in period 4? (round decimal up to the nearest whole $) Interest expense in period four ?
