Homework Answers
Answer: a
The amount of payment, $900, is the interest amount. The principal amount is $12,000.
Simple interest rate = (Interest / Principal) × 100
= ($900 / $12,000) × 100
= 7.5%
Add Answer to:
14 IF the sum of $12,000 is borrowed and the debtor is obligated to pay the...
d. independent the sum of $12,000 is borrowed and the debtor is obligated to pay the...
d. independent the sum of $12,000 is borrowed and the debtor is obligated to pay the creditor $900 foreach year the loan is in existence, then, the simple interest is most nearly 14 ed out of Select one: a. 75% 'b. 13.33% c. 5.0% d. 10.0% (
14. United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate...
14. United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate of 11 percent. The loan is for one year, and the loan agreement calls for the interest to be added to the amount borrowed and the total amount to be repaid in monthly installments. (a) What are the loan’s monthly payments? (b) Compute the loan’s APR and, rEAR.
1. Brenda and Matt borrowed $40,000 from the Farm Service Agency for spring crop inputs, at 8% annual interest rate...
1. Brenda and Matt borrowed $40,000 from the Farm Service Agency for spring crop inputs, at 8% annual interest rate. They took out the loan on March 1 and paid it back on December 10, 285 days later. How much did they have to repay? Principal Interest TotalS 2. They also borrowed $12,000 from Farm Credit Services to buy some sows. They agreed to pay it back with 3 annual payments, plus 8% interest on the remaining loan balance. If...
2.You borrowed $1,500 for one year, and agreed to pay back $1,680. At the outset you...
2.You borrowed $1,500 for one year, and agreed to pay back $1,680. At the outset you expected the inflation rate to be 2% over the period of the loan, but it ended at 4%. In this case, Question options: the nominal interest rate was 1.12%, the expected real interest rate was 2%, the actual real interest rate ended at 4%. the nominal interest rate was 12%, the expected real interest rate was 14%, the actual real interest rate was 16%....
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...
Exercise 14-21 (Part Level Submission) Monty Company owes $225,000 plus $20,200 of accrued interest to Flounder...
Exercise 14-21 (Part Level Submission)
Monty Company owes $225,000 plus $20,200 of accrued interest to
Flounder State Bank. The debt is a 10-year, 10% note. During 2020,
Monty’s business deteriorated due to a faltering regional economy.
On December 31, 2020, Flounder State Bank agrees to accept an old
machine and cancel the entire debt. The machine has a cost of
$317,000, accumulated depreciation of $174,350, and a fair value of
$202,000.
(c)
Assume that, instead of transferring the machine, Monty...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August 30 and $600 on September 29. Find the balance on October 29 of the same year. A man owes $100, due in two months, and $400, due in eight months. His creditors have agreed to settle his debts by two equal payments in four months and ten months, respectively. Find the size of each payment if the rate of interest is 6% and the...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere.... Ashley borrowed money from an...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere.... Ashley borrowed money from an online lending company to invest in antiques. She took out a personal, amortized loan for $24,500, at an interest rate of 7.2%, with monthly payments for a term of 1 year. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Ashley's monthly payment. X...
Exercise 14-21 Metlock Company owes $221,000 plus $20,100 of accrued interest to Bonita State Bank. The...
Exercise 14-21 Metlock Company owes $221,000 plus $20,100 of accrued interest to Bonita State Bank. The debt is a 10-year, 10% note. During 2020, Metlock's business deteriorated due to a faltering regional economy. On December 31, 2020, Bonita State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $402,000, accumulated depreciation of $221,100, and a fair value of $ 201,000. Prepare journal entries for Metlock Company and Bonita State Bank to...
Exercise 14-18 On January 1, 2017, Oriole Co. borrowed and received $508,000 from a major customer...
Exercise 14-18 On January 1, 2017, Oriole Co. borrowed and received $508,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Oriole agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%. (*) Prepare the journal entry to record the initial transaction on January 1, 2017 1) Prepare the journal entry to record...
d. independent the sum of $12,000 is borrowed and the debtor is obligated to pay the creditor $900 foreach year the loan is in existence, then, the simple interest is most nearly 14 ed out of Select one: a. 75% 'b. 13.33% c. 5.0% d. 10.0% (
1. Brenda and Matt borrowed $40,000 from the Farm Service Agency for spring crop inputs, at 8% annual interest rate. They took out the loan on March 1 and paid it back on December 10, 285 days later. How much did they have to repay? Principal Interest TotalS 2. They also borrowed $12,000 from Farm Credit Services to buy some sows. They agreed to pay it back with 3 annual payments, plus 8% interest on the remaining loan balance. If...
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...
Exercise 14-21 (Part Level Submission)
Monty Company owes $225,000 plus $20,200 of accrued interest to
Flounder State Bank. The debt is a 10-year, 10% note. During 2020,
Monty’s business deteriorated due to a faltering regional economy.
On December 31, 2020, Flounder State Bank agrees to accept an old
machine and cancel the entire debt. The machine has a cost of
$317,000, accumulated depreciation of $174,350, and a fair value of
$202,000.
(c)
Assume that, instead of transferring the machine, Monty...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August 30 and $600 on September 29. Find the balance on October 29 of the same year. A man owes $100, due in two months, and $400, due in eight months. His creditors have agreed to settle his debts by two equal payments in four months and ten months, respectively. Find the size of each payment if the rate of interest is 6% and the...
O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and intere.... Ashley borrowed money from an online lending company to invest in antiques. She took out a personal, amortized loan for $24,500, at an interest rate of 7.2%, with monthly payments for a term of 1 year. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Ashley's monthly payment. X...
Exercise 14-21 Metlock Company owes $221,000 plus $20,100 of accrued interest to Bonita State Bank. The debt is a 10-year, 10% note. During 2020, Metlock's business deteriorated due to a faltering regional economy. On December 31, 2020, Bonita State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $402,000, accumulated depreciation of $221,100, and a fair value of $ 201,000. Prepare journal entries for Metlock Company and Bonita State Bank to...
Exercise 14-18 On January 1, 2017, Oriole Co. borrowed and received $508,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Oriole agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%. (*) Prepare the journal entry to record the initial transaction on January 1, 2017 1) Prepare the journal entry to record...
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