State Bank made a loan at 12% interest for 360 days. If the amount of interest was $935.40, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar. O $7,693 O $7,795 O $8,851 O $9,714
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Interest expense is an expense which is reported on expense side under the statement of profit or…
Q: Compute the interest accrued on each of the following notes payable owed by Northland, Inc., on…
A: Accrued Interest = Total Interest x Number of Days in Current YearTotal Days in a year
Q: what is the amount (in $) of interest on the loan?
A: Simple interest are calculated on the basis of principal amount of loan. Simple interest does not…
Q: A company borrowed $18,000 paying interest at 6% compounded semi-annually. If the loan is repaid by…
A: For loans, outstanding balance refers to amount which is payable towards lender at a given point of…
Q: A 180-day, 12% interest bearing note receivable is sold to a bank without recourse after being held…
A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…
Q: Mickey Sporn took out a loan for $5,880 at the Linville Ridge Bank for 110 days. The bank uses the…
A: The formula that will be used will be: loan amount * rate * no. of days/360 = interest Here loan…
Q: Central Auto Parts borrowed $450,000 at 9% interest on July 13 for 120 days. (a) If the bank uses…
A: When it is required to compute the interest due for a fraction of one year, it is often the practice…
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: terprise ABC has contracted a credit for the amount of 300 000 zlotys. The credit is to be 5 equal…
A: In this we need to calculate the effective cost of credit.
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Principal is the amount lent to a person by another person for a return of benefit called as…
Q: Earth Company assigned P3,000,000 of accounts receivable as collateral for a P2,000,000 loan with a…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Customer Bank loaned The Teacup Shoppe money at 6% interest for 90 days. If the interest was $300…
A: Interest rate id 6% Time period is 90days Total interest was $300 To Find: Principal amount…
Q: A bank loaned out $30,500, part of it at the rate of 6% annual interest, and the rest at 5% annual…
A: Suppose P be the amount loaned at 6%. Then $30500 - P will be amount loaned at 5% Interest on 6%…
Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…
A: We need to calculate the Present Value P.V Factor = { 1 -(1+r)-n/r} x (1+r) r= interest rate = 5%…
Q: On the April 12 interest payment date, the outstanding balance on Eastern Yard Service's revolving…
A: The amount paid by the borrower on the outstanding amount of the loan to the lenders (Banks) on the…
Q: On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and…
A: Concept : Journal Entry records a business transaction following double entry accounting system.In…
Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…
A: Present value if annuity due is when the payments, monthly or semi-annually or annually, are paid…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Given, Cock security system has $37500 line of credit Annual percentage rate = 4% october pmt -…
Q: On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount…
A: a. Note issued is at face value of $150,000. The issued note is not discounted. Hence, the proceeds…
Q: Tri State Bank was the payee of a $60,000 note dated August 16. The note was made for 120 days and…
A: Since, note is a discount note( not interest bearing), the value of loan = discounted present Value…
Q: Compute the interest accrued on each of the following notes payable owed by Northland, Ic., on…
A: Accrued Interest= Principal*Rate*Time
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Line-of-Credit refers to a set limit up-to which investor can borrow funds and interest is only…
Q: Jhar Industries has borrowed $125,000 under a line-of-credit agreement. While the company normally…
A: Borrowed Amount is $125,000 Amount to be maintained in lenders account is $15,000 Compensating…
Q: Bulldogs Inc. loaned a certain amount from a reputable bank for a term of one year at 8% quoted rate…
A: Compensating loan is a provision that the bank asks the loan taker to maintain as a security when…
Q: The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the…
A: Solution- = $340000 * 4% = 13600 Interest is calculated by applying Interest rate to the principle…
Q: Earl Miller deposited $25,000 at Y Bank at an interest rate of 12% compounded quarterly. The…
A: Interest rate (r) = 12% Number of compounding per year (m) = 4
Q: ackson Industries has borrowed $125,000 under a line-of-credit agreement. While the company normally…
A: Solution Given Amount borrowed $125000 Normal checking account balance 15000…
Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1. the note had a 4 percent…
A: d. Compute the total amount of cash (principal and interest) that was paid to bank on March 31, Year…
Q: Moon Company assigned P1,500,000 of accounts receivable as collateral for a P1,000,000 loan with a…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…
A: Given the certain rate of return, present value (PV) is the current value of a future sum of money…
Q: On November 1, 20X1, Morant Corp. borrowed $80,000 in cash by signing a nine-month, 12% note from a…
A: Notes payable is a form of debt for the business organisations for which it has to pay periodic…
Q: On January 1, 20x1, SUBDUE Co. borrowed 10%, P4,000,000 loan from CONQUER Bank. Principal is due on…
A: Bank service fees = Loan amount x 3% = 4000000 x 3% = 120,000
Q: Accounts receivable in the amount of $658,000 were assigned to the Fast Finance Company by Sunland,…
A: Account Receivable - Amount which is due from the customer for merchandise or service purchased on…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Annual percentage rate is the effective rate of interest at which cash flows are converted into an…
Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…
A: The amount borrowed is the present value is the discounted value of future payments. This is…
Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…
A: Solution : Calculate the PV of the Ordinary Annuity: Payment $10,000 n 5 i 7% Present…
Q: Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent…
A: A. AMOUNT OF CASH PAID : = $0 B. INTEREST EXPENSE : = $90,000 X 8% X 3MONTHS / 12 MONTHS =…
Q: Max Wholesaler borrowed $3,000 on a 8%, 120-day note. After 45 days, Max paid $1,050 on the note.…
A: Under U.S rule interest is calculated only on the unpaid principal balance and no compounding of…
Q: Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent…
A: Interest:- An interest is the compulsory charge which is paid by the borrower to the lender of money…
Q: Max Wholesaler borrowed $7,500 on a 8%, 120-day note. After 45 days, Max paid $2,625 on the note.…
A: Intoduction:- A borrower or deposit-taking financial institution pays interest to a lender or…
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Given Information: Credit line is $37,500Charges an annual percentage rate of 4% plus prime rate…
Q: Bulldogs Inc. loaned a certain amount from a reputable bank for a term of one year at 8% quoted rate…
A: Calculation of Effective rate of interest EIR = Interest / usable fund x 12/12 = 33200 /…
Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…
A: Canliss would have borrowed an amount equal to the present value of $10,500 paid for 5 years @ 5%.…
Q: Cooper Stereos has a $22,500 line of credit which charges an annual percentage rate of prime rate…
A: The calculation is:
Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…
A: Given: The cook security systems having the value of $37,500 with the annual percentage rate is 4%.…
Q: Company A borrowed $25,000 on October 1 from a bank. The note has an interest rate of 8% and a term…
A: Interest expense is the monetary obligation of the borrower to pay regularly towards the sum…
Q: Wenzy Company discounted its own ₱250,000 one-year note at a bank, at a discount rate of 12% when…
A: Journal entry is defined as recording of the transactions of business into the books of entity and…
Q: C company discounted its own 250,000 one year note at a bank, at a discount rate of 12% when the…
A: Company discounting its notes means, the company is presenting its notes receivable from the…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Jefferson bank made a loan at 7 interest for 238 days. If the amount of interest was $300.81 use the ordinary interest method to find the amount of principal (in $) borrowed (round you answer to the nearest dollar)Jefferson Bank made a loan at 7% interest for 238 days. If the amount of interest was $300.81, use the ordinary interest method to find the amount of principal (in $) borrowed. (Round your answer to the nearest dollar.) Need Help? Read It Watch It Master ItLegitimate Financial Services made a loan at 9.75% interest for 252 days. If the amount of interest was $210.50, use the exact interest method to find the amount of principal borrowed. (Round to the nearest whole dollar amount.) 00 $2,159 $2,999 $3,127 $3,388
- Suppose that you took out a loan at 10% interest for 283 days. If the amount of interest was $852.88, use the exact interest method to find the amount of principal you borrowed. (Round to the nearest whole dollar.) $8,529 $11,000 $12,111 O $13,000A company received a P 500,000 line of credit from its bank. Some information about the credit line is as follows: Stated interest rate 10% Compensating balance requirement 20% Assuming that the company drew down the entire amount at the beginning of the year, and that the loan is discounted, what is the effective interest rate on the loan?A bank charges 11% simple interest in advance (that is 11% bank discount) on short term loans. Find the sum received by the borrower who request (i) GH¢900 for 90days, (ii) GH¢1500 from May 3 to October 15.
- Central Auto Parts borrowed $550,000 at 9% interest on July 10 for 140 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? November 25 XUsing the ordinary interest method, find the amount of interest on a loan of $5,000 at 10% interest, for 274 days. (Round to the nearest cent.) $380.56 $394.11 $399.58 $575.00Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was $710.14, use the exact interest method to find the amount of principal you. borrowed. (Round to the nearest whole dollar amount.) O $47 O $4,669 O $10,656 O $10,800
- A bank charges 11% simple interest in advance (that is 11% bank discount) on short-term loans. Find the sum received by the borrower who requests (i) GH¢900 for 90days, (ii) GH¢1500 from May 3 to October 15.A bank offered a 1-year loan to a commercial customer. The instrument is a discounted note with a nominal rate of 13%. What is the effective interest rate to the borrower? 13.20% 14.94% 12.00% 10.71% 13.64%Suppose that you took out a loan at 10% interest for 283 days. If the amount of interest was $930.41, use the exact interest method to find the amount of principal you borrowed. (Round to the nearest whole dollar.) a) $9,304 b) $11,102 c) $12,000 d) $14,000