How much did the company actually pay in interest to its bank during Year 2? Show your work.
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How much did the company actually pay in interest to its bank during Year 2? Show your work.
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- Calculate the amount of money that will be in each of the following accounts at the end of the given deposit period: Account Holder Amount Deposited AnnualInterest Rate CompoundingPeriods Per Year (M) CompoundingPeriods (Years)Theodore Logan III $1,000 10% 1 10Vernell Coles $95,000 12% 12 1Tina Elliot $8,000 12% 6 2Wayne Robinson $120,000 8% 4 2Eunice Chung $30,000 10% 2 4Kelly Cravens $15,000 12% 3 3Accounting Ordinary annuities assume that the first payment is made at the end of each year. In a transaction, who is better off in this arrangement, the payer or the receiver? Why?On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 9 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. a. b. ذان C. e f. f. g. × Answer is not complete. Interest income Receivables Cash used in investing activities Interest income Cash Cash provided by operating activities Cash provided by investing activities Interest earned P ✔ >>
- What's New ur Read and analyze the situation below. Let's Save Michael is planning to apply for a loan in Quezon Cooperative Bank, he is already aware of the terms payment for his loan but when he is about to pass his application form and compare his computation with the terms of payment provided by the bank he notices some discrepancy. Michael's Computation Computation from the bank Amount of Loan: P100,000 Interest rate: 3% Amount of Loan: P100,000 Interest rate: 3% Due Date: After 3 years Computation: I = (100, 000)(0.03(3) Year 1 Year 2 Year 3 9272.70 eco Amt 0609 109,272.70 060'901 Int 0008 Amount to be paid after 3 years o C ag 000'6d = I 000'60I To enlighten he asked some explanations why they have different computations and the bank gave him the detailed computation: Initially at t = 0 000'00 P100,000 (1.03) = P103,000 P103,000 (1.03) = P106,090 P106,090 (1.03) = P109,272.70 at t = 1 at t = 2 at t = 3 Questions 1. Is Michael's computation correct? 2. Is the bank's computation…3. You deposited $2,000 in a bank account paying 6% on January 1, 2004, and then you made $2,000 deposits on January1 in 2005 and 2006. Please calculate your bank balance just after the last payment was deposited?Please! help me with this question
- Its full one question please help ill definitely likeA person deposited an amount of 1000 dinars in a savings account, what is the accumulated amount in that account after 6 years if the interest rate is 16%, paid once every six months, and four times annually???I can purchase a 1-year Certificate of Deposit at a bank. The bank uses that deposit money to fund a 30-year mortgage loan. This is an example of (2 words)
- At the start of the year, Noel's time deposit has a balance of P250,000, At the end of the year, the account has a balance of P280,000. There are no additional deposits and there are no drawings during the year. How much is the return on capital?2. On April 1 Kendrick opened a savings account at a bank that paid 3.55 $1,000. On April 20 he withdrew $500. On April 30 the bank calculated the daily percent interest. His initial deposit was $3,200. On April 9 he deposited another interest. a) How much simple interest did his money earn? b) How much was in the account after the bank calculated the daily interest on April 30?A guy deposited P4,000, P4,500 and P5,000 at the end of the 2nd year, 3rd year and 4th year, respectively in a savings account which earned 0.09 per annum. Determine the future worth of the deposit?