A loan payment of $1100.00 was due 10 days ago and another payment of $800.00 is due 40 days from now. Whatsingle payment 90 days from now will pay off the two obligations if interest is to be 3% and the agreed focal date is 90days from now?The value of the payment is $.(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)

Borrowing is the act of obtaining money, goods, or services from another party with the…

Answered: A loan payment of $1100.00 was due 10…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jane was due to make loan payments of S1805 seven months ago, $4310 four month ago, and S534 in five months Instead, she is to make a single payment today If money is worth 87% and the agreed focal date is today, what Is the Size of the replacement payment?
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Which results in a lower total interest charge, borrowing $1 comma 5201,520 to be repaid 12 months later as a single-payment loan or borrowing $1 comma 5201,520 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 11.5011.50 percent interest. Defend your answer. Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table: 1. Question content area bottom Part 1 The amount of interest on the single-payment loan is $enter your response here. (Round to the nearest cent.) Part 2 The amount of interest on the 12-month installment loan is $enter your response here. (Round to the nearest cent.) Part 3 Why does the 12-month installment loan result in lower interest charges? (Select the best choice below.) A. Interest costs are higher when you have the use of the entire $1 comma 5201,520 for the full year…

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