Homework Answers
Answer : $2,100
Amount Borrowed =$60,000
Interest Rate = 14%
Monhts = 10 Months
Interest Expenses For 2021 ( For Three Months)
= 60,000*14%*3/12 = $2,100
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Franklin Company borrowed $60,000 from a bank on June 1, 2020 and agreed to pay it...
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A company has borrowed 1,000,000 from a bank which charges 14 % interest per annum. The...
A company has
borrowed 1,000,000 from a bank which charges 14 % interest per
annum. The loan has to be recovered in 5 years compounded
annually
(a) How much
should the company pay at the end of each year to the bank
(assuming uniform payment)?
(b) The bank
changes the interest rate to 13 % p.a . at the beginning of 3rd
year
(i) What will
the amount of the company's last payment (i.e. payment at the end
of year...
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You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
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You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
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a 9%, 8-month note payable.
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A company has
borrowed 1,000,000 from a bank which charges 14 % interest per
annum. The loan has to be recovered in 5 years compounded
annually
(a) How much
should the company pay at the end of each year to the bank
(assuming uniform payment)?
(b) The bank
changes the interest rate to 13 % p.a . at the beginning of 3rd
year
(i) What will
the amount of the company's last payment (i.e. payment at the end
of year...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
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