FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The interest charged on a $88000 note payable, at the rate of 6%, on a 60-day note would be (Use 360 days for calculation.)
$5280.
$2640.
$880.
$1320.
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- What is the annual payment on a 8-year, 8 percent, $52,000 note payable?arrow_forwardA $7,650.00 demand loan was taken out on March 4 at a fixed interest rate of 7.7% with fixed monthly payments of $1,200.00. The first monthly payment is due April 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) Principal Balance after Amount Transaction Mar 4 $7,650.00 Apr 4 7.7% May 4 7.7% Jun 4 7.7% Jul 4 7.7% Aug 4 7.7% Sep 4 7.7% Oct 4 7.7%arrow_forwardWhat is the PV of an ordinary annuity with 5 payments of $3,900 if the appropriate interest rate is 4.9%? a. $20,455.50 b. $19,858.66 c. $16,931.74 d. $17,761.39 e. $13,861.39arrow_forward
- A loan carries a simple interest rate of 5.25 % . The loan was fully repaid by two $5000 payments made 8 and 11 months after the original date of the loan. How much was borrowed at the start? Multiple Choice $10,000 $9601.34 $9661.84 $9540.85 $9329.44arrow_forwardFind the periodic payment for each of the following scenarios, where m is the periodic deposit and r is the interest rate. Future compounding time periodic interest in Value frequency deposit (m) earned years $ $200,000 5% annually 10 12.5779 15905.29 $ $250,000 7.8% semiannually 11 34.6003 7225.43 $ $125,000 3.7% quarterly 15 120.3921 1038.46 $ $ $225,000 3% monthly 15 $ $175,000 7.5% weekly 12 Aarrow_forwardWhich of the following are NOT included in a post-closing trial balance? Revenues and expenses Assets and liabilities Liabilities Owner, Capital and assetsarrow_forward
- Ques 7 and 8arrow_forwardThe interest charged on a $234000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.)arrow_forwardCarl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $18,850 at 7% for 4 years. Use ordinary interest as needed. a. Calculate the simple interest note proceeds. Simple interest note proceeds $ Simple discount note proceeds b. Calculate the simple discount note proceeds. $ 24,128 13,572arrow_forward
- The face value of a simple discount note is $4,000. The bank discount is calculated at 12% for 60 days. Use ordinary interest. Calculate:A.Amount of interest charged for noteB.Amount borrower would receiveC.Amount payee would receive at maturityD.Effective rate Note: round to the nearest hundredth of a percentarrow_forwardA $133500 loan is repaid by 20 payments of $6500 each at the begin of quarter, followed by 17 payments of $5800 each at the begin of quarter. What interest rate il is being charged ? Answer: 14.06%arrow_forwardThe face value of a single discount note is $12,000. The discount is 6½% for 90 days. Use ordinary interest. Calculate the following:A.Amount of interest charged for each noteB.Amount borrower would receiveC.Amount payee would receive at maturityD.Effective rate (to the nearest tenth percent)arrow_forward
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