None If cash is borrowed on a $50,000, 6-month, 12% note onSeptember 1, how much interest expense would beincurred by December 31?

To calculate the interest expense incurred by December 31 on a $50,000, 6-month, 12% note, we use…

Answered: If cash is borrowed on a $50,000,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Similar questions

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
What is the number of months required for a deposit of $1320 to earn $16.50 interest at 3.75%?
What is the maturity value of the note on these financial accounting question?
What will be the total interest earned on a 6%, $2,000 note receivable that is due in nine months?
Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463% with interest added (compounded) daily. How much will you have in your account on October 1st or 9 months later?
How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an annual interest rate of 2%? O A. 15.1 B. 16.2 OC. 17.8 O D. 12.7
What is the due date of a $12,000 90-day, 8% note receivable dated August 5?
If $2,800 earned simple interest of $43.40 in 6 months, what was the simple interest rate?
Find the new balance, assuming that the bank charges 1 1/2 % per month on the unpaid balance. (Round your answer to the nearest cent.) PreviousBalance Payment NewPurchases $134.31 $45 $73.98 $
A bank charges 1 ½% per month on the unpaid balance for purchases made with its credit card. This is equivalent to what effective annual interest rate?
11.A credit card holder purchased an item P6,000 on credit with a monthly interest rate of 3% and 5% minimum monthly payment rate. After 6 months, how much is the remaining balance?
What is the amount of interest revenue that must be accrued on December 31st for a nine-month, 6%, $2,000 note receivable that was accepted on November 1st? what is the interest accrued?

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If cash is borrowed on a $50,000, 6-month, 12% note on September 1, how much interest expense would be incurred by December 31?