Vaughn Manufacturing has a 60-day note that carries an annual interest rate of 9%. If the amount of the total interest on the note is equal to $840, then what is the principal of the note? (Use 360 days for calculation.) a. $10,500 b. $56,000 c. $60,480 d. $26,880
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Give note's principalYou are told that a note has repayment terms of $1,700 per quarter for 6 years, with a stated interest rate of 8%. How much of the total payment is for principal, and how much is for interest? Calculate using (a) financial calculator or (b) Excel function PV. (Round answers to 2 decimal places, eg. 5,275.25.) Total payment for principal Total interest Determine if the total interest will be higher or lower than with an annual payment. The total interest will be than with an annual payment.
- The interest charged on a $222000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.) $3330. $1110. $13320. $6660.A non-interest bearing note has a face value of $3000. The note is due 96 days from today. Money is currently worth 8% per annum. Find the present value of the note. Select one: a. $2938 b. $3063 c. $2778 d. $2923What is maturity value of the note ?
- A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank that uses a simple interest rate of 8%. What are the proceeds?The interest on a $ 21000, 6%, 60-day note receivable is (Use 360 days for calculation.) $ 210. $ 630. $ 420. $ 1260.Windsor, Inc. has a 30-day note that carries an annual interest rate of 9%. If the amount of the total interest on the note is equal to $1080, then what is the principal of the note?
- The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the customer, payabl years. A 4% interest is due from the customer every December 31st. The customer's borrowing rate is 6%. The i revenue to be recorded on the note receivable at the end of the first year is (ignore decimals in your calculations Select one: a. $19,309 Ob. $12,872 c. $13,600 X d. $22,808Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note. Principal Term Interest $3,600 120 days $72 Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. 0% Interest rate:Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $54,000 % ? 60 days $846