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Unearned Interest by the Actuarial Method Each loan was paid in full before its due date. (a) Obtain the value of h from the appropriate formula. Then (b) use the actu- arial method to find the amount of unearned interest, and (c) find the payoff amount. 33. 34. Regular Monthly Payment $212 $575 APR 4.7% 5.9% Remaining Number of Scheduled Payments after Payoff 4 8

Practice Find the amount in the account and the interest. Annual Interest Interest First Period Second Principal Rate Period Interest Amount Period Interest Amount 1. $ 750.00 5.000% quarterly a. b. C. d. 2. 1,585.00 6.500% semiannually a. b. C. d. 3. 4. 7,926.50 16,427.82 3.750% monthly a. b. C. d. 4.875% annually a. b. C. d. 5. Standardized Test Practice Marcus Sanderson opened a savings account on January 1st with a $625.00 deposit. Interest is compounded on a quarterly basis at a rate of 5.7 percent. What is his balance at the end of 1 year? A. $660.60 B. $35.60 C. $661.39 D. $36.38

On January 1, 2021, Norwood borrows $530,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $122,416 each year on December 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $530,000 cash by signing a five-year, 5% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Req 1 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Req 2 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total Beginning Balance Debit Interest Expense Debit Notes Payable Credit Cash Ending Balance

TB Problem 10-219 (Algo) Installment note entries On January 1, a company borrows $29,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $8,178, consisting of accrued interest and principal on December 31 of each year. Prepare the journal entries to record the note's issuance and each of the four payments. Note: Round intermediate calculations and final answers to the nearest dollar. View transaction list 1 2 Eagle borrows $29,000 cash by signing a four-year, 5% installment note. Record the issuance of the note on January 1, Year 1. Record the payment of the first installment payment of X J bte. >

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Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,150. He put $1,500 down and financed the rest with a 48-month, 8.5% loan. What is his monthly car payment by table lookup? (Use Table 14.2) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Monthly payment

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Use exact interest method to find rate of interest on a loan of $9000 for 354 days if amount of interest is $$489.50 6.1%5.6%4.9%5.4%

Slingerland borrowed $6,000 on July 20, at 11% interest. If the loan was due on October 15, what was the amount of interest on the loan using the exact interest method? A. $103.07 B. $143.01 C. $157.32 D. $220.00

TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 6 12 18 24 30 36 42 48 54 60 7.50% $ 170.34 86.76 58.92 45.00 36.66 31.11 27.15 24.18 21.88 20.04 8.00% $ 170.58 86.99 59.15 45.23 36.89 31.34 27.38 24.42 22.12 20.28 8.50% $ 170.83 87.22 59.37 45.46 37.12 31.57 27.62 24.65 22.36 20.52 9.00% $ 171.20 87.46 59.60 45.69 37.35 31.80 27.85 24.77 22.59 20.76 10.00% $171.56 87.92 60.06 46.14 37.81 32.27 28.32 25.36 23.07 21.25 10.50% $ 171.81 88.15 60.29 46.38 38.04 32.50 28.55 25.60 23.32 21.49 11.00% $ 172.05 88.38 60.52 46.61 38.28 32.74 28.79 25.85 23.56 21.74 11.50% $ 172.30 88.62 60.75 46.84 38.51 32.98 29.03 26.09 23.81 21.99 12.00% $ 172.55 88.85 60.98 47.07 38.75 33.21 29.28 26.33 24.06 22.24 12.50% $ 172.80 89.08 61.21 47.31 38.98 33.45 29.52 26.58 24.31 22.50 13.00% $ 173.04 89.32 61.45 47.54 39.22 33.69 29.76 26.83 24.56 22.75 13.50% $ 173.29 89.55 61.68 47.78 39.46 33.94 30.01 27.08 24.81 23.01 14.00%…

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