8) On January 1, 2021, Julee Corporation borrows $33,000 to purchase a new Toyota Highlander by agreeing to a 5%, 4-year note with the bank. Interest is monthly. Payments are monthly. a. Compute the monthly payment required on the loan. b. Record the issuance of the note is journal entry form. c. Determine the amount of interest in the first and second monthly payments. Your answer will show: a. Monthly payment: $ b. Dr. Cr. c. Interest for month one: Interest for month two:

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Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.