Harrison Corporation borrowed $35,000 from F&M Bank on June 1 of the current year. The bank required 9% interest. Interest will be paid when the nine-month note becomes due. What is the amount that willbe paid upon maturity of the note? (Do not round intermediate calculations. Only round your final answer to the nearest dollar.)A. $38,150B. $37,363C. $35,525○ D. $35,000

Step 1: Given that, Harrison coorporation borrowed $35,000 from F&M bank which requires 9% of…

Answered: Harrison Corporation borrowed $35,000…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
Harrison Corporation borrowed $35,000 from F&M Bank on June 1 of the current year. The bank required 7% interest. Interest will be paid when the nine-month note becomes due. What is the interest expense for the current year? (Do not round intermediate calculations. Only round your final answer to the nearest dollar.) A. $0 B. $2,450 C. $1,225 D. $1,429
Harrison Corporation borrowed $39,000 from F&M Bank on June 1 of the current year. The bank required 8% interest. Interest will be paid when the nine-month note becomes due. What is the interest expense for the subsequent year in which the note is due and paid? (Do not round intermediate calculations. Only round your final answer to the nearest dollar.) ○ A. $1,560 OB. $1,820 OC. $520 OD. $2,340
What is the maturity value of the note ?
A bank bill with a face value of $100,000 was issued today and it matures in 60 days' time. If interest rates are 6% p.a. what amount of interest is earned if the bill is held until maturity? a. $99,023.33 b. $1,457.88 C. $976.67 Od. $6,000.00 Oe. $78,260.87
vaibhav subject-Accounting
1.What is the effective interest rate of a simple discount note for $4,500 at a bank discount rate of 14% for 24 months? (Round to the nearest tenth percent.) A. 14.0% B. 19.4% C. 28.0% D. 38.9% 2.Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 265 days, if the amount of interest is $510.00. (Round your answer to the nearest tenth percent.) A. 7.5% B. 8.4% C. 8.5% D. 8.7%
On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $ \$ 44, 400 $. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of $8\% $. b. Determine the proceeds of the note, assuming the note is discounted at $8\% $,
Billy Thornton borrowed $250,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Billy have to pay in a 30-day month? Select the correct answer. a. $1,507.82 b. $1,513.02 c. $1,509.12 d. $1,511.72 e. $1,510.42
Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note. Principal Term Interest $3,600 120 days $72 Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. 0% Interest rate:
ABC Company acquired a loan from New Kensington Bank in the amount of $120,000 with a 8% interest rate. The loan will be repaid in exactly one year. A stipulation of the loan requires ABC Company to keep a compensating balance of $25,000 in a New Kensington Bank checking account. What is the effective interest rate that ABC Company will pay? Please round to the second decimal place. 10.11% 9.67% 8.00% 6.62%
Greenbird bank lends money to hall company and receves a signed

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