A company receives a 6%, 120-day note for $2,400. The total interest due on the maturity date is (Use 360 days a year.) ?
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- 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. $132,600Chemical 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?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 company receives a 6%, 120-day note for $2,400. The total interest due on the maturity date is (Use 360 days a year.) ?If the company accepted a Notes Receivable on Oct 1, X1 for $60,000 at 8%, due in one year, what is the Maturity value?6) A company receives a 5%, 90-day note for $5,400. The total interest due on the maturity date is: (Use 360 days a year.) A) $67.50. B) $270.00. C) $157.50. D) $135.00. E) $90.00.
- 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?A company issues a $10,000 two-year, 4% note payable, repayable in 8 quarterly installments with fixed principal payments. How much is the first installment payment?XYZ Bank pays simple interest of 2% with quarterly compounding for deposits in their savings account. Assume that a deposit of $1,000 is made on the first day of the quarter and another $2,000 is made on the 30h day. A $900 withdrawal is made on the 60th day. What is the interest earned in the savings account for the quarter using the LIFO method? Assume 360 days in a year.
- 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)Suppose that a company borrows 20,000 for 1 year at a stated rate of interest of 9 percent. What is the annual percentage rate (APR) if interest is paid to the lender in annually? semiannually? quarterly?Assuming a 360-day year, when a $16,098, 90-day, 8% interest-bearing note payable matures, total payment will be