one received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10.
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- Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On November 6, Pickles borrows $820,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in six months from November 6, and annual interest rate of 3%. B. On December 12, Pickles borrows an additional $200,000 with payment due in three months from December 12, and an annual interest rate of 10%. C. Pickles pays its accounts in full on March 12, for the December 12 loan, and on May 6 for the November 6 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Pickles.A company financed the purchase of a machine with a loan at 4.5% compounded semi-annually. This loan would be settled by making payments of $9,100 at the end of every six months for 6 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan?Hewlett Plastics Inc. received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10.
- A company financed the purchase of a machine with a loan at 4.25% compounded semi-annually. This loan would be settled by making payments of $7,500 at the end of every six months for 6 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan? $0.00 Round to the nearest centA man loans $10,000, part at 6% annual interest and the rest at 11%. The annual total income from the loan is $625. Determine the following: The amount of each loan. Explain the concepts/principles that were considered and the factors that affected the condition of item (a)Falco Inc. financed the purchase of a machine with a loan at 3.34% compounded semi-annually. This loan will be settled by making payments of $7, 100 at the end of every six months for 7 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?
- Create a loan repayment schedule for a loan of $30295 and payments of $8482 made annually. Assume a rate of interest of 6.13% per year compounded annually. What is the balance remaining after the second payment?An $90,000 loan is amortized by payments of $1850 at the end of every six months at a rate of 2% compounded monthly. 1. Construct a partial amortization schedule showing the last 2 payments. 2. Determine the total amount paid to settle the loan. 3. Determine the total principal repaid. 4. Determine the total amount of interest paid.LEW Company purchased a machine at a price of $100,000 by signing a note payable, which requires a single payment of $123,210 in 2 years. Assuming annual compounding of interest, what rate of interest is being paid on the loan?
- Marpole Carpet Cleaning borrowed $7600 from Richmond Credit Union at 8% compounded quarterly. The loan is to be repaid by equal quarterly payments over a two-year term. Construct the amortization schedule for the loan.Mr. Koys applied for a farm input loan amounting to 24,000.00 with a fixed rate of 5.5% per annum. 1. Compute the principal and interest for the first month of his loan.h You Harris Machinery received a demand loan of $170,000. It repaid $70,000 at the end of the first year, $95,000 at the end of the second year, and the balance at the end of the third year. The interest rate charged on the loan was 5.75% compounded semi- annually during the first year, 5.50% compounded quarterly during the second year, and 5.00% compounded monthly during the third year. a. What was the balance of the loan at the end of the first year? Round to the nearest cent b. What was the balance of the loan at the end of the second year? Round to the nearest cent c. What amount at the end of the third year will settle the loan? Round to the nearest cent
