GreenLeaf Finance borrowed $600,000 at an 8% annual interest rate, payable annually. What is the total interest expense for one year? A) $40,000 B) $48,000 C) $50,000 D) $60,000
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What is the total interest expense for one year? Accounting question
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- Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
- What is the total interest expense for one year?A company borrows $120,000 at an annual interest rate of 5% for a period of 3 years. Calculate the total interest to be paid over the 3 years using simple interest.Ontario Credit Union borrowed $275,000 at 9.5% compounded semi-annually from League Central to build an office complex. The loan agreement requires payment of interest at the end of every 6 months In addition, the credit union is to make equal payments into a sinking fund so that the principal can be retired in total after 20 years Interest earned by the fund is 8% compounded semi-annually (a) What is the semi-annual interest payment on the debt? (b) What is the size of the semi-annual deposits into the sinking fund? (c) What is the total annual cost of the debt? (d) What is the interest earned by the fund in the 32nd payment interval? (e) What is the book value of the debt after 16 years? (f) Prepare a partial sinking fund schedule showing details, including the book value of the debt, for the first three payments, the last three payments, and the totals. (a) The interest payment is $ (Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal…
- you borrow $20,000 from a bank to be repaid in three equal annualinstalment at 9% interest compounded annually. What is the portion ofinterest payment for the 2nd annual payment?Select one:A 510B. 1089C. 549D. 1251E. 1800onsider the following loan. Complete parts (a)-(c) below. n individual borrowed $65,000 at an APR of 5%, which will be paid off with monthly payments of $442 for 19 years. ... a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ 65000, the annual interest rate is 5%, the number of payments per year is 12, the loan term is 19 years, and the payment amount is $ 442. b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 228 payments toward the loan and the total amount paid is $ 100776 c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is% and the percentage paid for interest is%. (Round to the nearest tenth as needed.)General accounting
- You have borrowed $28,000 at an interest rate of 12% compounded annually. Equal payments will be made over a four-year period, with each payment made at the end of the corresponding year? What is the interest payment for the second year?(a) $1,800(b)$2,251(c) $1,089(d)$2,657AbcIdaho International Inc. borrows $86,600 from a bank at 3.08% compounded semi-annually for 7 years and 10 months. a) How much will the accumulated value of the loan be at the end of the term? $ b) How much interest will be charged on the loan? $
