andhill Co. issues a 12%, 4-year mortgage note on January 1, 2022, to obtain financing for...
andhill Co. issues a 12%, 4-year mortgage note on January 1,
2022, to obtain financing for new equipment. Land is used as
collateral for the note. The terms provide for semiannual
installment payments of $48,000.
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
What are the cash proceeds received from the issuance of the note?
(Round answer to 2 decimal places, e.g.
25.25.)
| Sandhill Co. should receive |
$enter a dollar amount to be received rounded to 2 decimal places |
Homework Answers
Semiannual installment payment = $48,000
Number of Semiannual installments (n) = 8
Interest rate (i) = 12% annual or 6% semiannual
Present value annuity factor (6%, 8) = 6.20979
Present value of Semiannual installments = Semiannual installment payment x Present value annuity factor (6%, 8)
= 48,000 x 6.20979
= $298,069.92
Cash proceeds received from the issuance of the note = $298,069.92
| Sandhill Co. should receive |
$298,069.92 |
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