A promissory note has: • = Principal $5,000 • Term = 90 days • Interest $150 = Find the interest rate (use 360-day year).
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- 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 promissory note has the following details: Principal: $5,000 . Term: 90 days . Interest: $150 Find the interest rate (Assume a 360- day year).Determine the term of the note
- You are told that a note has repayment terms of $1,700 per quarter for 6 years, with a stated interest rate of 8%. How much of the total payment is for principal, and how much is for interest? Calculate using (a) financial calculator or (b) Excel function PV. (Round answers to 2 decimal places, eg. 5,275.25.) Total payment for principal Total interest Determine if the total interest will be higher or lower than with an annual payment. The total interest will be than with an annual payment.Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) $ +A 8 Time Interest 14/1/2 years $1,080Interest is $405 on a principal balance of $5,000; assuming a 7 month loan what is the rate?
- Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Rate (%) Principal $185,000 % Time 2 years Interest $24,050Give correct calculationSafe Bank's loan agreement specifies: principal $50,000, annual interest rate 8%, term 3 months. Calculate the total interest payable for the loan period. Give me Answer
- Answer the following questions. (Round interest rate to 0 decimal places, e.g. 7%.)(1) If the note has been outstanding 3 months, what is the annual interest rate on that note? Interest Expense: $511 Interest Payable: $141 Note Payable: $4,700If the note has been outstanding 3 months, what is the annual interest rate on that note? Interest Expense: 511 Note Payable: 4700The interest charged on a $222000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.) $3330. $1110. $13320. $6660.