ABC Company borrowed $100,000 on January 1, 20X1. Interest is 6% payable each December 31. They are borrowing the money for three years. On December 31 20X3, the principal and the last interest payment will be due. What is their interest expense on December 31, 20X3? Group of answer choices $106,000 $6,000 $118,000 $18,000

ABC Company borrowed $100,000 on January 1, 20X1. Interest is 6% payable each December 31. They are borrowing the money for three years. On December 31 20X3, the principal and the last interest payment will be due. What is their interest expense on December 31, 20X3? Group of answer choices $106,000 $6,000 $118,000 $18,000

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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1
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Company G borrowed $10,000 on November 1. The note has an interest rate of 8% and a term of 120 days. What is the amount of interest expense Company G should record on 12/31 of the first year? (Use 360 days a year.)
Please answer. It's urgent Q- Talmud Book Company borrows $16,000 for 30 days at 9 percent interest. What is the dollar cost of the loan? ( use 360- day a year)
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $550,000. The terms of the loan are 3.7% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank 923b18021034fe7_1 B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 fill in the blank 848f66019ffe028_2 fill in the blank 848f66019ffe028_3 fill in the blank 848f66019ffe028_5 fill in the blank 848f66019ffe028_6 May 20 fill in the blank 848f66019ffe028_8 fill in the blank 848f66019ffe028_9 fill in the blank 848f66019ffe028_11 fill in the blank…
K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 The accrued interest on December 31 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
A $150,000 home is financed by a 30-year, 9 percent fixed-rate mortgage loan with 20 percent down payment. What is the amount of interest paid in the first month of the loan? Group of answer choices $702.32 $787.50 $900.00 $1,125.00
How much is the Principal repaid during the 4th month?
ABC Company borrowed $100,000 at a 6% interest rate on January 1, 20X1 for one year with interest and principal due on December 31, 20X1. How much will ABC have to pay in total on December 31, 20X1? Group of answer choices $100,000 $12,000 $106,000 $6,000
Please answer fast without plagiarism please will upvote
You have just borrowed $20,000 on a 10 year loan at 8% simple interest.Complete the Amortization table below for the first 6 month of the loan. Payment Number Beginning Balance payment Amount Applied to interest Applied to principle ending balance 1 20,000.00 242.66 133.33 109.32 A 2 19,890.68 242.66 132.60 110.05 19,780.63 3 19,780.84 B 131.87 110.78 19,669.84 4 19,669.84 242.66 131.13 C 19,558.32 5 19,558.32 242.66 D 112.27 19,446.05 6 E 242.66 129.64 113.01 19,333.04