A one-year, $22,400, 10% note is signed on May 1. If the note is repaid on November 1 of the same year, how much interest expense is incurred?
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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?How much interest expense is incurred?how much interest expense is incurred?
- Chang, Inc. issued a 3-month note in the amount of $360,000 on 12/01/17 with an annual rate of 5%. What amount of interest has accrued as of 12/31/17?On January 1, a company borrowed cash by issuing a $390,000, 4%, installment note to be paid in three equal payments at the end of each year beginning December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What would be the amount of each installment?Prepare an amortization table for the installment note.Prepare the journal entry for the second installment payment.What is the future value on December 31, Year 5, of a deposit of $25,000 made on January 1, Year 2, assuming interest of 12% compounded semiannually?