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Question 1 (1 point) Saved On October 31, 2021, Simeon Builders borrowed $16 million cash and...
On October 31, 2011, Simeon Builders borrowed $16 million cash and issued a 7-month, noninterest-bearing note....
On October 31, 2011, Simeon Builders borrowed $16 million cash and issued a 7-month, noninterest-bearing note. The loan was made by Star Finance Co. whose stated discount rate is 8%. Sky's effective interest rate on this loan is: (Explain how you got the answer) a) More than the stated discount rate of 8% b) Less than the stated discount rate of 8% c) Equal to the stated discount rate of 8% Please also explain how you came to your answer
Blanton Plastics, a household plastic product manufacturer, borrowed $25 million cash on October 1, 2021, to...
Blanton Plastics, a household plastic product manufacturer, borrowed $25 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 9% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm’s fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank’s receivable on October...
3. Brown Corp borrowed $10 million and issued a 9-month, noninterest-bearing note on Oct. 31, 2018....
3. Brown Corp borrowed $10 million and issued a 9-month, noninterest-bearing note on Oct. 31, 2018. The loan was made by US Bankcorp. Interest was discounted at issuance at an 9% discount rate. What is the annual effective interest rate on this loan?
13-14 100 PTS i Saved Save & Exit Submit Help On September 1, 2021, Hiker Shoes...
13-14 100 PTS i Saved Save & Exit Submit Help On September 1, 2021, Hiker Shoes issued a $116,000, 6-month, noninterest- bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 9%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Multiple Choice 9.42% 9.00% 9.34% 9.35%
1 Blanton Plastics, a household plastic product manufacturer, borrowed $24 million cash on October 1, 2018,...
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Blanton Plastics, a household plastic product manufacturer, borrowed $24 million cash on October 1, 2018, to provide working capital for year-end production. Blanton issued a four-month, 15% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
Problem 13-1 Bank loan; accrued interest [LO13-2]
Problem 13-1 Bank loan; accrued interest [LO13-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital for year-end production. Blanton Issued a four-month, 6% promissory note to LAT Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) LET Bank's receivable...
On September 1, 2018, Hiker Shoes issued a $104,000, 8-month, noninterest-bearing note. The loan was made...
On September 1, 2018, Hiker Shoes issued a $104,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 7%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to two decimal places, e.g., .1234 as 12.34%.) Multiple Choice Ο 700%. Ο 734%. Ο 7.26%. Ο 727%.
Question 1 (1 point) ✓ Saved Doris borrowed $5000 from a finance company at an interest...
Question 1 (1 point) ✓ Saved Doris borrowed $5000 from a finance company at an interest of 8% quarterly. The loan is to be repaid in 3 equal payments, annually. What is the amount of the equal payment? A) $1948.69 B) $1787.42 OC) $1856.77 D) $1419.51 O E) $1666.67
13-14 100 PTS i Saved Save & Exit Submit Help On September 1, 2021, Hiker Shoes issued a $116,000, 6-month, noninterest- bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 9%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Multiple Choice 9.42% 9.00% 9.34% 9.35%
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Blanton Plastics, a household plastic product manufacturer, borrowed $24 million cash on October 1, 2018, to provide working capital for year-end production. Blanton issued a four-month, 15% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
On September 1, 2018, Hiker Shoes issued a $104,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 7%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to two decimal places, e.g., .1234 as 12.34%.) Multiple Choice Ο 700%. Ο 734%. Ο 7.26%. Ο 727%.
Question 1 (1 point) ✓ Saved Doris borrowed $5000 from a finance company at an interest of 8% quarterly. The loan is to be repaid in 3 equal payments, annually. What is the amount of the equal payment? A) $1948.69 B) $1787.42 OC) $1856.77 D) $1419.51 O E) $1666.67
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