Homework Answers
Total payment by the engineer=45000+45000*8%+45000*1.4%+800
Hence, effective rate of interest=9.4%+800/45000=11.18%
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A new engineering graduate who started a consulting business borrowed money for 1 year to furnish...
1.12] Anew engineering graduate who started a consult- ing business borrowed money for 1 year to...
1.12] Anew engineering graduate who started a consult- ing business borrowed money for 1 year to furnish the office. The amount or of10%per year. Hove and it had an interest rate of 10%per year. How- ever, because the new graduate had not built up a credit history, the bank made him buy loan-default insurance that cos 5% of the loan amount. In addi- tion, the bank charged a loan setup fee of $300 hat was the effective interest rate the...
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Please include Totals
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Please include Totals
On May 1, 2018 a new business started up. Complete Adjusting Journal Entries: 1. At end of period, Accounting Department counted supplies on hand and discovered they amounted to $2,000. Supplies purchased during May cost $3,500. 2. Prepaid Insurance was purchased May 1 for $3,600. It is a 12 month policy. 3. A transaction was discovered amounting to $400 that had not been previously booked, billed or collected. 4. The Notes Payable amount of $10,000 is a...
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