(2) Marianne deposits $2,000 in a five-year certificate of deposit. At maturity the balance is $2,580.64. Find the annual effective rate of interest governing the account.
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- Trina Alcala deposited $1,950 in a new credit union savingsaccount on the first of the quarter. The principal earns 4.25% interestcompounded quarterly. She made no other deposits or withdrawals.a. What was the amount in her account at the end of 6 months?b. What is the compound interest?Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amountConnie put $7,525 into a term deposit on March 10th. The deposit earns a simple interest rate of 5%. If the term deposit will mature on July 4th, how much interest will Connie earn?
- Record the journal entry: Jack has $90,000 two-year note payable to first USA Bank and Trust, dated December 19, 2022. The stated annual interest rate on the note is 5.5%. The terms of the note payable call for the following payments: -$4,950 interest payments on 12/19/23 and 12/19/24 -$90,000 principal payment on 12/19/24On August 19, Siobhan O’Sullivan started an ordinary annuity. She arranged to have $150 deducted from her end-of-month paychecks. The money would earn 6 7/8 % interest compounded monthly. a) Find the future value of the account on December 1.b) Find Siobhan’s total contribution to the account.c) Find the total interest earned.1. Lynn deposits $683.09 at the beginning of each quarter for three years in order to accumulate $9,500.60. Lynn would like to know what nominal rate of interest compounded quarterly she must earn to accumulate $9,500.60. Answer the following question: This question is an example of what? Show how you find the answer to the nominal rate p.a. compounded quarterly. 2. Lynn deposits $683.09 at the beginning of each quarter for three years in order to accumulate $9,500.60. Lynn would like to know what nominal rate of interest compounded quarterly she must earn to accumulate $9,500.60. Answer the following question: What variable does $683.09 represent? 3. Lynn deposits $683.09 at the beginning of each quarter for three years in order to accumulate $9,500.60. Lynn would like to know what nominal rate of interest compounded quarterly she must earn to accumulate $9,500.60. Answer the following question: The TVM variable of should be set equal to zero in the financial calculator.
- Armita deposits $400 in an account paying a nominal interest rate 9.625% compounded quarterly. Bob deposits $1,200 in an account paying a nominal interest rate ¡(26). After 17 years they have the same amount in their accounts. What is i(26)? a. 2.745%* b. 2.898% c. 3.020% d. 3.050% e. 2.806%Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? (Assume that February has 28 days.) On what date does this note mature?Sylvestor Systems borrows $146,000 cash on May 15 by signing a 90-day, 7%, $146,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
- Please help me1. Beverly Soo's savings account. $520 on deposit. 6,% annual interest rate. Time is 6 months. Find the interest. 8760 saings onS of WthdravOn January 1, 2021, Norwood borrows $470,000 cash from a bank by signing a five-year installment note bearing 6% interest. The note requires equal payments of $111,575 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 $470,000 cash by signing a five-year, 6% 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. 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 6 of 6 Ending Balance Next > mnt
