A company receives a 5%, 90-day note for $1,800. The total interest due on the maturity date is ? (Use 360 days a year.)
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- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
- Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?A loan company advertises that $100 borrowed for one year may be repaid by 12 monthly installments of $9.46. Assuming the difference between the amount repaid and the amount borrowed is interest only, what is the effective annual interest rate being charged?ou were paying your fully amortising loan at 8.2% per annum for 12 years. The current monthly payment is $1,492 per month. What is the remaining loan balance at the end of year 2? Please rounded your answer to two decimal points (e.g. 8000.158 is rounded to 8000.16)
- Assuming a 360-day year, when a $12,600, 90-day, 11% interest-bearing note payable matures, total payment will be Round your answer to the nearest whole dollar.The interest charged on a $234000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.)Your firm is offered credit terms of 1/10, net 35. What is the effective annual interest rate on this arrangement? Assume 365 days in each year.
- A borrower takes out a 15-year loan for $65000 with equal end-of-month payments. The annual nominal interest rate of the loan is 12% convertible monthly. Immediately after the 60th payment is made, the remaining loan balance is reamortized. The maturity date of the loan remains unchanged, but the annual nominal interest rate of the loan is changed to 6% convertible monthly. Calculate the new endof-month payment.Deposits of GHS100 are made every month for 5 years into an account crediting interest at a nominal rate of 9% convertible monthly. Starting one month after the last deposit, monthly withdrawals of X are made for 10 years, exhausting the account. Determine X.Provide a paper solution.
