a.) | Amount $ | ||
Month | Interest paid | ||
January | 406 | =78000*(4.25%+2%)*1/12 | |
February | 867 | =(78000+120100)*(3.25%+2%)*1/12 | |
March | 855 | =(78000+120100-19600)*(3.75%+2%)*1/12 | |
April | 1,108 | =(78000+120100-19600+34300)*(4.25%+2%)*1/12 | |
b.) | Amount $ | ||
Month | Balance End of Month | ||
January | 78,000 | ||
February | 198,100 | =78000+120100 | |
March | 178,500 | =78000+120100-19600 | |
April | 212,800 | =78000+120100-19600+34300 | |
Colson Company has a line of credit with Federal Bank. Colson can borrow up to $410,000...
Colson Company has a line of credit with Federal Bank Colson can borrow up to $301,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of 2018. Colson agreed to pay interest at an annual rate equal to 3.50 percent above the bank's prime rate. Funds are borrowed or repaid on the first day...
1. Colson Company has a line of credit with Federal Bank. Colson can borrow up to $423,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of 2018. Colson agreed to pay interest at an annual rate equal to 2.50 percent above the bank’s prime rate. Funds are borrowed or repaid on the first...
Colson Company has a line of credit with Federal Bank Colson can borrow up to $454,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of 2018. Colson agreed to pay interest at an annual rate equal to 3.00 percent above the bank's prime rate. Funds are borrowed or repaid on the first day...
Colson Company has a line of credit with Federal Bank. Colson can borrow up to $434,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of the year 2018. Colson agreed to pay interest at an annual rate equal to 3.00 percent above the bank's prime rate. Funds are borrowed or repaid on the...
Colson Company has a line of credit with Federal Bank. Colson can borrow up to $434,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of the year 2018. Colson agreed to pay interest at an annual rate equal to 3.00 percent above the bank's prime rate. Funds are borrowed or repaid on the...
Exercise 7-11 Accounting for a line of credit LO 7-6 Colson Company has a line of credit with Federal Bank. Colson can borrow up to $429,500 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of 2018. Colson agreed to pay interest at an annual rate equal to 3.00 percent above the bank's prime...
GoStream | 123mov... ?Live NBA Streaming. Maintenance Conn. Connect - Sign In The GOAT, Let's gra. ework Saved Help Sove & Exit Check Exercise 7-11 Accounting for a line of credit LO 7-6 Colson Company has a line of credit with Federal Bank Colson can borrow up to $344,000 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during...
Singer Company has a line of credit with United Bank. Singer can borrow up to $496,000 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first three months of Year 1. Singer agreed to pay interest at an annual rate equal to 2.00 percent above the bank's prime rate. Funds are borrowed or repaid on the...
Singer Company has a line of credit with United Bank. Singer can borrow up to $372,000 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first three months of Year 1. Singer agreed to pay interest at an annual rate equal to 2.50 percent above the bank's prime rate. Funds are borrowed or repaid on the...
Question 6. Mott Company has a line of credit with Bay Bank. Mott can borrow up to $580,000 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during 2018. Mott agreed to pay interest at an annual rate equal to 1 percent above the bank’s prime rate. Funds are borrowed or repaid on the first day of each month....