Homework Answers
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Interest expense for the year ended December 31, 2014 = 4571743 * 6% * 6/12 = 137,152 Option D is the answer Comment if you face any issues |
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On July 1, 20x4, you borrow $4571743 from a bank. The bank requires that you repay...
Assume a 360 day year. You borrow $450 from your bank for 3 months. The loan...
Assume a 360 day year.
You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $150 per month plus interest. The interest rate for the loan is % above the prime interest rate. During the first month the prime rate is 45%, during the second month it is 5%, and during the third month it is 5%. What is the total amount of interest you pay on...
You borrow $1,000 from the bank and agree to repay the loan over the next year...
You borrow $1,000 from the bank and agree to repay the loan over
the next year in 12 equal monthly payments of $90. However, the
bank also charges you a loan initiation fee of $29, which is taken
out of the initial proceeds of the loan. What is the effective
annual interest rate on the loan, taking account of the impact of
the initiation fee?
You borrow $1,000 from the bank and agree to repay the loan over the next...
Samuel and Sandra Sharp wish to borrow $600,000 to buya home. The loan from the Highway...
Samuel and Sandra Sharp wish to borrow $600,000 to buya home. The loan from the Highway Bank requires equal monthly repayments over 20 years, and carries an interest rate of 5-1 % per annum, compounded monthly. The first repayment is due at the end of one month after the loan proceeds are received. You are required to calculate the following. i) The effective annual interest rate on the above loan (show as a percentage correct to 3 decimal places). li)...
You take out a loan for $12257 today. The bank requires that you repay the loan...
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You take out a loan for $12257 today. The bank requires that you repay the loan...
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You borrow $1,000 from the bank and agree to repay the loan over the next year...
You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $28, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal...
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 b...
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 balance. During May 20x4, the bank statement was received and included the following: Bank service charges $233 Interest on bank loan $225 In addition, during May 20x4 $3668 of outstanding cheques had not yet cleared the bank. What is the unadjusted (i.e. before receiving the bank statement) cash balance at May 31st, 20x4? Select one: a. $10340 Ob. $2088 c. $5756...
On July 14, Jennifer Rick went to Park Bank to borrow $1,800 at 7 % interest....
On July 14, Jennifer Rick went to Park Bank to borrow $1,800 at 7 % interest. Jennifer plans to repay the loan on March 27 Assume the loan is on ordinary interest. (Use Days ina year table.) a. What interest will Jennifer owe on March 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest b. What is the total amount Jennifer must repay at maturity? (Do not round intermediate calculations. Round your answer to the...
Tom needs to borrow $28,000 to remodel his bookstore. He borrows the funds for 10 months...
Tom needs to borrow $28,000 to remodel his bookstore. He borrows the funds for 10 months at an interest rate of 9.25%. Find the maturity value at the end of 10 months. Find the rate given a principal of $7,600, a due date of 200 days, and an interest of $498.22. Find the principal given a rate of 7 3/4 %, and interest of $271.25, and a due date of 90 days. A loan of $37,000 made on February 4...
To purchase a new truck, you borrow $30,000. The bank offers a 6-year loan at an...
To purchase a new truck, you borrow $30,000. The bank offers a 6-year loan at an interest rate of 3.25% compounded annually. If you make only one payment at the end of the loan period, repaying the principal and interest: a. What is the number of time periods (n) you should use in solving this problem? b. What rate of interest (i), per period of time, should be used in solving this problem? c. Is the present single amount of...
Assume a 360 day year.
You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $150 per month plus interest. The interest rate for the loan is % above the prime interest rate. During the first month the prime rate is 45%, during the second month it is 5%, and during the third month it is 5%. What is the total amount of interest you pay on...
You borrow $1,000 from the bank and agree to repay the loan over
the next year in 12 equal monthly payments of $90. However, the
bank also charges you a loan initiation fee of $29, which is taken
out of the initial proceeds of the loan. What is the effective
annual interest rate on the loan, taking account of the impact of
the initiation fee?
You borrow $1,000 from the bank and agree to repay the loan over the next...
Samuel and Sandra Sharp wish to borrow $600,000 to buya home. The loan from the Highway Bank requires equal monthly repayments over 20 years, and carries an interest rate of 5-1 % per annum, compounded monthly. The first repayment is due at the end of one month after the loan proceeds are received. You are required to calculate the following. i) The effective annual interest rate on the above loan (show as a percentage correct to 3 decimal places). li)...
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 balance. During May 20x4, the bank statement was received and included the following: Bank service charges $233 Interest on bank loan $225 In addition, during May 20x4 $3668 of outstanding cheques had not yet cleared the bank. What is the unadjusted (i.e. before receiving the bank statement) cash balance at May 31st, 20x4? Select one: a. $10340 Ob. $2088 c. $5756...
On July 14, Jennifer Rick went to Park Bank to borrow $1,800 at 7 % interest. Jennifer plans to repay the loan on March 27 Assume the loan is on ordinary interest. (Use Days ina year table.) a. What interest will Jennifer owe on March 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest b. What is the total amount Jennifer must repay at maturity? (Do not round intermediate calculations. Round your answer to the...
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