Complete the following, using ordinary interest. (Use Days in a year table.)Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.Principal Interest rate2,4009%Date borrowedMarch 05Date repaid Exact timeJune 15InterestMaturity value

Solution: Ordinary interest is the interest based on 360 days in a year instead of 365 days.…

Answered: Complete the following, using ordinary…

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 Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) Principal Amount on Notes Annual Interest Time Period Rate Interest Earned Receivable ok a S 65,000 11.4 % 6 months b. $ 43,000 % 9 months $ 3,483 C. 9.3 % 12 months $ 3,069 nces
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higner day when hecessary. Maturity Value (in $) Rate Time Interest Principal Interest (%) (days) Method $3,100 167 Exact $220
Use the exact interest method (365 days) and the ordinary interest method (300 days) to compare the amount (in 1) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (6) Time (days) Exect Interest Ordinary Interest $196,500 $C 9.75 51
Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) a. b. C. Principal Amount on Notes Receivable $ $ 50,000 40,000 Annual Interest Rate 12.0% % 9.0 % Time Period 6 months 9 months 12 months Interest Earned $ $ 3,600 2,700
Complete the following, using exact interest. (Use Days in a year table.) Note: Do not round intermediate calculations.Round the "Interest" and "Maturity value" to the nearest cent. Principal $ 1,300 Interest rate Date borrowed 7% May 20 Date repaid August 23 Exact time Interest Maturity value
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal Interest rate 1,330 6% Date borrowed June 27 Date repaid January23 Exact time Interest Maturity value
Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892…
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal $ 1,328 Interest rate 5% Date borrowed June 08 Date repaid January 19 Exact time Interest Maturity value
I could use some help with this problem from my study guide specificly on annual interest rate and total interest thank you The following are data on three promissory notes.Determine the missing amounts. (Round answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms MaturityDate Principal AnnualInterest Rate TotalInterest (a) April 1 60 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 $716,400 5 % $enter a dollar amount (b) July 2 30 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 90,000 enter percentages % $600 (c) March 7 6 months select a maturity date May 30May 31June 1July 31August…
am. 123.
Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest to O decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%. Use 360 days for calculation.) (a) (b) (c) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date Principal $780,000 80,400 165,000 Annual Interest Rate 15 % % 16 % $ $ Total Interest $938
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Maturity Value (in $) Rate Time Interest Principal Interest (%) (days) Method $3,500 % 168 Exact $220 $

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Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal $ 2,400 Interest rate 9% Date borrowed March 05 Date repaid June 15 Exact time Interest Maturity value