A man loans P112,735 on March 9, 2010 and promise to pay the amount on July 17, 2014 at simple interest of 9.63% Determine the following: 1. Exact simple interest. 2. Ordinary simple interest.
Q: The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is…
A: Answer The interest rate bank = 12,400 The spot rate of OMR = 2.50
Q: The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is…
A: The correct answer is Option c. OMR 31,000
Q: Find the amount to be repaid. How much will the interest be at the repayment date if the following…
A: Information Provided: Amount borrowed = P5,000.00 Simple interest = 6.2% Amount borrowed on = Nov 2,…
Q: A loan is to be amortized by n level annual payments of X where n > 5. You are given (1) The amount…
A: Let L = Loan amount Number of payments = n Annual payments = X Interest rate = r
Q: 1. En.Rahim borrowed a sum of loan amount RM2500 on 9 November 2018. Five months later he paid back…
A: To answer the first question, we will simply add 5 months to the date of borrowing. as mentioned,…
Q: a man borrowed P2000.000 from a bank and promised to pay the amount for 1 year. He received only the…
A: We can calculate interest rate by using simple interest formula Simple interest =Principal*Rate*Time
Q: If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6…
A: the amount of interest Marissa should receive is $356.35.Explanation:For the first question:Interest…
Q: 7. What lump-sum amount of interest will be paid on a 10,000 loan that was made on August 1, 2012,…
A: Given:- Principal Amount (P) =$10,000. Time period (T) = 9 years 3 months = 9.25 years (August 1,…
Q: Andrew borrowed PhP 25,000.00 and agrees to repay the loan by level monthly installments for 10…
A:
Q: Haatimvopened an RRSP deposit account on December 1, 2008, with a deposit of $1400. He added $1400…
A: Future value is the accumulated sum of money that is invested with the motive to earn a certain…
Q: China Bank granted a loan to a borrower on January 1, 2023. The interest rate on the loan is 10%…
A: To calculate the effective interest rate (EIR) of the loan, use the formula for the EIR of a loan.…
Q: Find the ordinary interest using: a) Ordinary time b) Exact time c) Find the Exact Interest using…
A: The amount paid to an investor for the invested fund is called interest. It is the compensation paid…
Q: What is the interest income for 2021? Philippine Bank granted a loan to a borrower on January 1,…
A: Interest Income for 2021 = Principal amount* interest rate where, Principal amount = $3,000,000…
Q: On June 1, 2018, Angel Corp received $250,728.38 in exchange for a 5-year non-interest-bearing note…
A: Notes payable or receivable are those instruments bearing the promises to pay or to receive a…
Q: for $21,900 at 12% on March 18, 2017, which will be due on January 9, 2018. Using ordinary interest,…
A: Given r-12% P=$ 21,900 n= 297 days Future Value = Principal + interest Interest = P*r*n /360 days…
Q: Problem (IAA) Global Bank loaned P9,000,000 to a borrower on January 1, 2018. The terms of the loan…
A: Given Information: Loan Receivable = P 9000,000 Annual Interest = 12% Projected Cashflow Date…
Q: What is the carrying amount of the loan receivable on December 31, 2021? National Bank granted a…
A: The carrying amount of loan is calculated by preparing the amortization schedule and considering the…
Q: wn borrowed RM5 000 from a bank on 30th March 2020.The amount to be pai um,find the date of…
A: In Banker's rule there is consideration that there 360 days in year and calculations are done based…
Q: Didzo took a loan of $14 600 on January 10, 2013 at a rate of 9.25%. He repaid the loan on June 4,…
A: 1. LOAN AMOUNT : = $14,6002. NO OF DAYS FOR WHICH LOAN TAKEN : = 145 DAYS (FROM JANUARY 10 TO JUNE…
Q: B. MATATAG Bank loaned P5,000,000 to a borrower on January 1, 2019. The term of the loan require…
A: The impairment loss can be defined as a decrease in the net carrying value of an asset that is…
Q: Compute the amount of interest on $8350 at 6.5% p.a. from October 8, 2019, to August 4, 2020.
A: As per Bartleby honor code, when multiple questions are asked, the expert is required only to solve…
Q: For items 16-20 Suppose that Zab borrowed P50,000 from a cooperative on January 8, 2020 and paid the…
A: Interest refers to an amount paid or received for the amount borrowed or deposited. Anyone who is in…
Q: What amount must be repaid on October 10, 2019, if Php6,000 is borrowed on October 10, 2011 at 5.75%…
A: Formula of simple interest = (P*R*T)÷100 Where P= principal R= Rate T=time…
Q: Philippine Bank granted a loan to a borrower on January 1, 2017. The interest on the loan is…
A: The following calculations are done for Philippine Bank.
Q: What amount should be paid on the maturity date to settle a one-hundred-twenty day loan dated March…
A: Interest = Principal * rate * time Interest = 15600 * 13.2857% * 120/365 Interest = 681.39
Q: 1. Aselo borrows 17,000 on April 21, 1992 and repays the loan on April 21, 1994 with interest at 5…
A: We need to use compound interest formula to calculate amount repaid A=P(1+i)n Where P=Principal…
Q: Henry Taylor is settling a $18,000 loan due today by making 6 equal annual payments of $3,893.68.…
A: Given: Loan amount =$18,000 Periods = 6 Interest rate = 8%
Q: A man borrows P5,430 from a loan association. In repaying this debt, he has to pay P425 at the end…
A: Loan Amount 5430 Simple Interest 14.75% Amount for each instalment 425 No of…
Q: man loans P112,735 on March 9, 2010 and promise to pay the amount on July 17, 2014 at simple…
A: In the exact simple interest we assume that there are 365 days in year and in ordinary simple…
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Hello! Why is the number of days for 2010 is 328? It started March 9, 2010.
- Joseph borrowed P5,000.00 on November 2,2015 from Arthemus, which is to be paid on May 21,2016 at 6.2% simple interest per year. Find the amount to be repaid. How much will the interest be at the repayment date if the following time factors are used? A. Bankers rule B. Exact simple interest C. Approximate/360 D. Approximate/ 365 Show solution.For items 16-20 Suppose that Zab borrowed P50,000 from a cooperative on January 8, 2020 and paid the entire sum including interest on April 3 of the same year, and that the interest rate is 1.5%. 16. Determine the exact time for the computation of exact interest. 17. Determine the approximate time for the computation of ordinary interest. 18. Find the amount of interest earned, if it is computed using the exact simple interest. 19. Find the amount of interest earned, if it is computed using the ordinary simple interest. 20. Find the amount of interest earned, if it is computed using the banker's rule.7. What lump-sum amount of interest will be paid on a 10,000 loan that was made on August 1, 2012, and repaid on November 1, 2021, with ordinary simple interest at 10% per year.
- B10.How much shall be reported as interest income for 2022? a. 90,000 b. 96,836 c. 120,000 d. 129,115On April 5, 2019, Janeen Camoct took out an 8.5% loan for $20,000. The loan is due March 9, 2020. Use ordinary interest to calculate the interest. What total amount will Janeen pay on March 9, 2020? (Ignore leap year.) Required: What are the number of days between the two dates listed below? Note: Use the DATEDIF or DAYS function to calculate the number of days. 4/5/2019 3/9/2020 What is your principal? Note: Answer should be entered as a numeric value and not a formula. What is your rate? Note: Answer should be entered as a numeric value and not a formula. What is the time? What total amount will Janeen pay on March 9, 2020?
- The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses?Select one:a. OMR 12,400b. OMR 1,500,000c. OMR 31,000d. None of the other pointsQuestions: 1. The carrying amount of the loan receivable at December 31, 2022 is?2. The interest income to be recognized in 2024 is? Please include solutions. Thank you!If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6 months. Marissa lent $7,700 at 5% p.a. on March 27, 2014. Calculate the amount of interest he should receive if the loan extends until February 18, 2015.
- What is the interest income for 2021? Philippine Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 8% payable annually starting December 31, 2023. Principal amount Origination fee charged against the borrower Direct origination cost incurred 3,000,000 100,000 260,300 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. a. 240,000 O b. 189,618 c. 252,824 O d. 180,0001. What is the interest income for 2021?2. What is the carrying value of the loan receivables to be presented in the statement of financial position as of December 31, 2022?What amount should be paid on October 5, 2022, on a loan of P100,000 made on December 13, 2021 with 4.7% simple interest?