Find the compound amount for the following certificate of deposit. Assume daily compoundings Interest Time Compound Amount Rate in Years 4% 2 $ Click the icon to view the compound interest table for time deposit accounts. Amount Deposited $3000
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- Kingbird Corporation issued $460,000, 8%, 20-year bonds on January 1, 2022, for $418,008. This price resulted in an effective- interest rate of 9% on the bonds. Interest is payable annually on January 1. Kingbird uses the effective-interest method to amortize bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Jan. 1, 2022 Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Debit 418008 41992 Credit 460000Suppose you deposit $1,016.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is worth $1,741.00. What was the account's interest rate? Submit Answer format: Percentage Round to 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex. 0.09243))Suppose you deposit $1,030.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is worth $1,677.00. What was the account's interest rate? Submit Answer format: Percentage Round to: 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex: 0.09243)) Show Hint
- Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of interest rates (if needed) then round off final answers to two decimal places. For monetary amounts, use 2 decimal places even for intermediate computations. 6. Consider a bank account with the following transactions for the month of June 2021: No. of Days Balance is Balance June Deposit Withdraw for the Day Unchanged * 1 20,000 20,000 * * 14 16,500 10,500 * 21 11,000 * * 30 16,500 4,000 a. Supply the correct data in the boxes marked with * b. What is the average daily balance for this account for the month of June? c. If a bank advertises an interest rate of 1.5% per year compounded monthly, what is the total interest earned for this month?answer in text with all working explanation steps correctly for each part and stepsa
- Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of interest rates (if needed) then round off final answers to two decimal places. For monetary amounts, use 2 decimal places even for intermediate computations. 7. The following table show's a credit cardholder's transactions for his credit card with statement date April 30. The credit card imposes a 2% monthly interest for unpaid balances and current purchases, and requires a minimum amount due of 5% of the total amount due. Complete the table below. Transaction Date Amount Total Amount Due in Previous Statement Less: Payment 26,000.00 April 6 12,000.00 Carry-Over Balance (a) Late Payment Charge 0.00 Interest/Finance Charge (b) April 5 Gasoline 1,200.00 April 16 Groceries 4,300.00 Total Amount Due (c) (d) Minimum Amount Due 7Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of March. The limit on your line of credit is $1000.00. You receive daily interest of 1.1% p.a. on positive balances and pay daily interest of 6% p.a. on negative (line of credit) balances. Overdraft interest is 19% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of March.Tarheel Inc., a calendar year-end company, issued bonds on 1/1/X1. It uses the effective interest method to amortize bond discounts and premiums. The following facts are known about these bonds: Issue Date: 1/1/X1 Face Value: $900,000 Issue Price: $823,000 Face Rate: 4% compounded semi-annually (in other words, 2% every six months) Market (Effective) Rate: 6% compounded semi-annually (in other words, 3% every six months) Term: 5 years Semi-Annual Interest Payment Dates: June 30 and Dec 31 First interest payment will occur on: June 30, 20X1 Note: Round all calculations to the nearest whole dollar. Required: Using the above information, prepare the journal entries to record: (1) the issuance of the bonds and (2) the first cash interest payment on 6/30/X1. Remember to round all amounts to the nearest whole dollar. Decimals or cents should not be shown in the numerical response portion of your journal entry.
- Please help me figure out the notes and general journal for this problem.Please explain how you got the answers with fill calculations. Thank you.Use the amortization table to determine how much interest is paid in the first 4 months of the loan. Click the icon to view the amortization table. (Type an integer or a decimal.)