1. Use the United States Rule to solve the following: On Jan 12, a company borrowed $150,000 at 10% interestcompounded annually for 220 days. However, on July 8, they made a payment of $25,000. If no additional payments aremade, find the amount due at maturity of the loan.2. The following loan is paid in full before the date of maturity. Find the amount of unearned interest. Use the Rule of 78.Finance Charge: $422Total Number of Payments: 30Remaining Number of Payments When Paid in Full: 163. Find the payment necessary to amortize the following loans using the amortization table, and round to the nearest cent ifneeded.Amount of Loan: $12000Interest Rate: 6%Payments Made: semiannuallyNumber of Years: 84. Find the monthly payment for a 30-year real estate loan of $195,000 with an interest rate of 5%, which also has annualtaxes of $3920 and annual insurance of $850.

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1. Use the United States Rule to solve the following: On Jan 12, a company borrowed $150,000 at 10% interest compounded annually for 220 days. However, on July 8, they made a payment of $25,000. If no additional payments are made, find the amount due at maturity of the loan.

1. Use the United States Rule to solve the following: On Jan 12, a company borrowed $150,000 at 10% interest compounded annually for 220 days. However, on July 8, they made a payment of $25,000. If no additional payments are made, find the amount due at maturity of the loan.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $730,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9.20%. Each year on December 31, the company pays down the principal balance by $90,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $ B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year. If…
Max Wholesaler borrowed $7,500 on a 8%, 120-day note. After 45 days, Max paid $2,625 on the note. Thirty days later, Max paid an additional $2,250. Use ordinary interest. a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Total interest amount 24 b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Ending balance due 24
please explain your answer..
Fellen Inc. borrowed $150,000.00 at 3.15% for 100 days. The company paid $30,000.00 on day 30 and another $50,000.00 on day 60. How much does the company need to pay on the due date using the ordinary interest method (round to the nearest cent)? O a. $70,709.78 O b. $70,957.27 O c. $120,393.75 O d. $150,525.00 P Type here to search 24 13 16 A 14 f5 f7
Shawn Bixby borrowed $29,000 on a 120-day, 8% note. After 55 days, Shawn paid $3,200 on the note. On day 95, Shawn paid an additional $5,200. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due
Max Wholesaler borrowed $2,000 on a 10%, 120 - day note. After 45 days, Max paid $700 on the note. Thirty days later, Max paid an additional $630. What is the final balance due? Use the U.S. Rule to determine the total interest and ending balance due. Use ordinary interest.

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