Jorge bought an executive desk for $7,000. Based on his income, Jorge could only afford to pay back $800 per month (payment made on the on the last day of the month). The charge on the unpaid balance is 12 %. The U.S. Rule is used i this calculation. Complete the table below to show the payments and balances for the first four months. Show all work. Month 1 2 3 4 Balance Due $7,000 Interest Accrued Monthly Payment Reduction in Balance New Balance
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- Jill bought a $680 rocking chair. The terms of her revolving charge are 1.5% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like: Table 14.3. Be sure to use the U.S. Rule. Note: Round your final answers to the nearest cent. Monthly payment number 1 2 3 Outstanding 1.5% interest balance due payment Amount of monthly payment Reduction in balance due Outstanding balance dueDan buys a new desk for $3,000. Miller will pay back $260 per month. Interest is 5% on the unpaid balance. Calculate balance outstanding after second payment (Use U.S. Rule)Able Long buys a new desk for $2,400. Able will pay back $250 per month. Monthly interest is 3% on the unpaid balance. Calculate the balance outstanding after the second payment. (Use the U.S. Rule.) (Round your answer to the nearest cent.)
- A man borrows $3 000 from a credit union. Each monthhe is to pay $100 on the principal. At the same time, healso pays interest at the rate of 3/4% per month on theunpaid balance at the beginning of the month. What is thetotal payment required at the end of the first month? a. $112.50 b. $115.00 c. $115.25 d. $122.25 e. None of the choices is correct.Mia bought a high definition television for $7, 500. based on her income she could afford to pay back only $600 per month. There is a 1.5% monthly interest charge on the unpaid balance. The U.S Rule is used to in the calculation. At the end of the month 1, the balance outstanding isMax Wholesaler borrowed $2,000 on a 10%, 120 - day note. After 45 days, Max paid $700 on the note. Thirty days later, Max paid an additional $630. What is the final balance due? Use the U.S. Rule to determine the total interest and ending balance due. Use ordinary interest.
- A new employee charged $6740 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid? a. What monthly payment must he make to pay off the account at the end of 3 years? $ (Round to the nearest cent as needed.)Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his June billing cycle is $1,341.57. During the billing cycle he purchased a printer cartridge for $40.41, books for $279.32 and gasoline for $16.91. He made a payment of $1,100. If the account applies the unpaid balance method, what are the finance charge and the new balance? The finance charge is $. The new balance is $| (Round to the nearest cent as needed.)Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
- Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.Mr. Smith's annual salary is $230,000. He has been on his job for the past four years. His current pay stub from 6/30 of this year shows YTD gross income of $113,712, the previous year's W-2 shows $210,549 AND the year before that his W-2 shows $198,782. What is the base monthly income you would put on the loan application?A new employee charged $7160 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid?