On May 3, 2020, Leven Corp. negotiated a short-term loan of
$900,000. The loan is due October 1, 2020, and carries a 7.00%
interest rate. Use ordinary interest to calculate the
interest.
What is the total amount Leven would pay on the maturity date? (Use
Days in a year table.) (Do not round intermediate
calculations. Round your answer to the nearest
cent.)
As the Loan has been borrowed on 3rd May Interest will be levied from 3rd may to 1st Oct.
So. Principal Amount to be repaid -$900,000
Interest on that amount for 150 days (253-100-3) will be $900,000* 0.07*150/365 = $25890.41
Amount payable on maturity will be -$ 925,890.41
On May 3, 2020, Leven Corp. negotiated a short-term loan of $900,000. The loan is due...
On May 3, 2020, Leven Corp. negotiated a short-term loan of $780,000. The loan is due October 1, 2020, and carries a 6.20% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) TABLE 7-1 Exact days-in-a-year calendar (excluding leap year) 31 Day of month Dec. 31 Jan 1 2 3...
On May 3, 2017, Leven Corp. negotiated a short-term loan of $660,000. The loan is due October 1, 2017, and carries a 5.40% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
On May 3, 2017, Leven Corp. negotiated a short-term loan of $705,000. The loan is due October 1, 2017, and carries a 5.70% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value:
33 On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 % interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11? (Use Days in a year table) (Round your answer to the nearest cent.) Jm repay etbook 7-1 TABLE Exact days-in-a-year calendar (excluding leap year)" Day of month 30 31 30 31 28 31 30 31 31 30 31 31 Dec Mar...
Question 11 (of 15) 10.00 points On May 3, 2014, Leven Co negotated a short term loan of S915,000 The loan is due October 1, 2014, and carries a 7.10% interest rate. Use ordinary interest to calculate the interest What is the total amount Leven would pay on the maturity date? (Use Days in a year table ) (Do not round intermediate calculations. Round your answer to the nearest cent) Maturity value $ Hints References eBook & Resources Hint #1...
00 On April 5, 2019, Janeen Camoct took out an 81% loan for $20,000. The loan is due March 9, 2020. Janeen's terms are ordinary Interest. Sabrina Bowers took out the same loan as Janeen. Sabrina's terms, however, are exact interest.ignore leap yeat) (Use Duva Ina year table) 6. What is Sabrina's difference in interest? (Do not round intermediate calculations, Round your answer to the nearest cent) 1 Diference b. What will she pay on March 9. 2020? (Round your...
A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Effective Partial Payment Maturity Principal Rate Date Amount Date Date $4000 4% April 1 $1000 May 1 June 1 Click the icon to view a table of the number of the day of the year...
Partial payments are made on the dates indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Effective Partial Payment Maturity Principal Date Amount Date Date $1900 19% Sept. 1 $500 Oct. 1 Dec. 1 $500 Nov. 1 Click the icon to view a table of the number of the day of the...
Unadjusted trial balance as at 31 May 2020 Loan payable- due 30 June 2023: 58,000 Cr Additional Information: Interest expense of $ 235 has accrued on the loan payable (due 2023) Journal entries for the year ended 30 June 2020 with workings P&L and SOFP Transaction
Lorna Hall's real estate tax of $2,010.88 was due on December 14, 2019. Loma lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 61% ordinary interest. (Use Days in a year table.) a. What is the penalty Loma must pay? (Round your answer to the nearest cent.) Penally pay b. What is the total amount Loma must pay on February 27? (Round your answer to the nearest cent.) Total...