Homework Answers
Annual interest on Loan = $6,800 *7.5% = 510
InterestPaid = $20
Time Period of the Loan = ( interest Paid / Annual interest )* Days
= ( 20 /510)*360 = 14 Days (Answer)
Add Answer to:
Kurt Busch won the 59th Daytona 500 in February 2017. If he paid back a $6,800...
Business mathematics help!!
Kurt Busch won the 59th Daytona 500 in February 2017. If he paid back a $6800 loan with $20 interest at 7.5% what was the time of the loan?
16× e htps/ html Joey Logano won the 57th Daytona 500 in February. If he pa...
16× e htps/ html Joey Logano won the 57th Daytona 500 in February. If he pa loan (as id back a $270 loan with $630 interest at 70%, what wasthe time of the sume 360 days)? (Do not round intermediate calculations. Round up your answer to the nearest day.) of the
On November 7, 2017, Mura Company borrows $240,000 cash by signing a 90-day, 11% note payable...
On November 7, 2017, Mura Company borrows $240,000 cash by signing a 90-day, 11% note payable with a face value of $240,000. (Use 360 days a year. Do not round your intermediate calculations.) 1. Compute the accrued interest payable on December 31, 2017. Principal x Rate (%) x Time = Interest Total through maturity % Year end interest accrual % Interest recognized February 5 %
Kurt; a single, cash basis, calendar year taxpayer; had the following transactions during 2018: On February...
Kurt; a single, cash basis, calendar year taxpayer; had the following transactions during 2018: On February 1, 2018, he purchased Apple stock for $100,000. He sold the stock on August 31, 2018, for $75,000. On March 1, 2016, he purchased a collection of silver coins for $250,000. On February 28, 2018, he sold the collection for $280,000. On November 1, 2015, he purchased Amoco stock for $600,000. He sold the stock on October 31, 2018 for $650,000. On June 17,...
Lucky Champ owes $22780 interest on a 8% loan he took out on his March 17...
Lucky Champ owes $22780 interest on a 8% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant Lucky's Pub and Grub. The loan is due on August 17 What is the principal? (Use Days in a year table.) (Use 360 days a year. Do not round intermediate calculations.) Principal
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017.
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased S40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 108 annual interest along with paying $5,250 in cash. July 8 Borroved S80,000 cash from NBR Bank by signing a 120-day, 98 interest-bearing note with a face value of $80,000. Paid the amount due on the...
Neveready Flashlights Inc. needs $350,000 to take a cash discount of 3/18, net 72. A banker...
Neveready Flashlights Inc. needs $350,000 to take a cash discount of 3/18, net 72. A banker wil dan the money for 54 days at an interest cost of $14,500 a. What is the effective rate on the bank loan? Use a 360-day year. Do not round Intermediate calculations. Input your answer as a percent rounded to 2 decimal places) Effective rate of interest b. How much would it cost in percentage terms) f the firm did not take the cash...
You are a NASCAR pit crew member. On the day before the Daytona 500, someone ransacks...
You are a NASCAR pit crew member. On the day before the Daytona 500, someone ransacks your records and takes all information pertaining to your driver, Darrell Waltrip, as well as the specifics of the car. On race day Darrell is leading the race with 20 laps to go. Yeeeee haaaa!! He just finished a pit stop which included refueling to fill up his tank. You know that 25 gallons of fuel (3.5 kg) are in the tank. On the...
Harper Engine Company needs $634,000 to take a cash discount of 2.50/20, net 120. A banker...
Harper Engine Company needs $634,000 to take a cash discount of 2.50/20, net 120. A banker will loan the money for 100 days at an interest cost of $14,700. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest b. How much would it cost (in percentage terms) if Harper did not take the cash discount...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with a face value of $200,000. 1. On what date does this note mature? (Assume that February has 28 days) O March 27, 2018. O March 28, 2018. O March 29, 2018. March 30, 2018. O March 01, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to...
16× e htps/ html Joey Logano won the 57th Daytona 500 in February. If he pa loan (as id back a $270 loan with $630 interest at 70%, what wasthe time of the sume 360 days)? (Do not round intermediate calculations. Round up your answer to the nearest day.) of the
Kurt; a single, cash basis, calendar year taxpayer; had the following transactions during 2018: On February 1, 2018, he purchased Apple stock for $100,000. He sold the stock on August 31, 2018, for $75,000. On March 1, 2016, he purchased a collection of silver coins for $250,000. On February 28, 2018, he sold the collection for $280,000. On November 1, 2015, he purchased Amoco stock for $600,000. He sold the stock on October 31, 2018 for $650,000. On June 17,...
Lucky Champ owes $22780 interest on a 8% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant Lucky's Pub and Grub. The loan is due on August 17 What is the principal? (Use Days in a year table.) (Use 360 days a year. Do not round intermediate calculations.) Principal
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased S40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 108 annual interest along with paying $5,250 in cash. July 8 Borroved S80,000 cash from NBR Bank by signing a 120-day, 98 interest-bearing note with a face value of $80,000. Paid the amount due on the...
Neveready Flashlights Inc. needs $350,000 to take a cash discount of 3/18, net 72. A banker wil dan the money for 54 days at an interest cost of $14,500 a. What is the effective rate on the bank loan? Use a 360-day year. Do not round Intermediate calculations. Input your answer as a percent rounded to 2 decimal places) Effective rate of interest b. How much would it cost in percentage terms) f the firm did not take the cash...
You are a NASCAR pit crew member. On the day before the Daytona 500, someone ransacks your records and takes all information pertaining to your driver, Darrell Waltrip, as well as the specifics of the car. On race day Darrell is leading the race with 20 laps to go. Yeeeee haaaa!! He just finished a pit stop which included refueling to fill up his tank. You know that 25 gallons of fuel (3.5 kg) are in the tank. On the...
Harper Engine Company needs $634,000 to take a cash discount of 2.50/20, net 120. A banker will loan the money for 100 days at an interest cost of $14,700. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest b. How much would it cost (in percentage terms) if Harper did not take the cash discount...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with a face value of $200,000. 1. On what date does this note mature? (Assume that February has 28 days) O March 27, 2018. O March 28, 2018. O March 29, 2018. March 30, 2018. O March 01, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to...
Most questions answered within 3 hours.
-
What is the net ionic equation for the reaction that would occur
when an aqueous solution...
asked 1 hour ago -
A
student bought $1000 worth of furniture. What is the equivalent
annual cost if it is...
asked 1 hour ago -
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 3 hours ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 4 hours ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 4 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 6 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 7 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 7 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 7 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 7 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 8 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 8 hours ago