Loan amount = $ 10000 on November 01, 2020 for 5 years Interest rate @10 PA Entry on December 31, 2020
Q: NOTE DATED APRIL 7, 2021 DUE IN 145 DAYS INTEREST RATE IS 7.5% FACE OF THE NOTE IS $12,000 CALCULATE…
A: Interest Amount = Principal Amount x Interest Rate Maturity Value = Principal Amount + Interest
Q: Calculate the maturity value of a $1140, 7.75%, 120 days note dated February 19, 2021.
A: Note receivable refers to a negotiable instrument. It represents the claim amount due to the…
Q: Loan from Bank = $ 100000 on December 01, 2020 Interest rate per Annum = 10 % Loan period = 5…
A: In the given question, loan is taken on Dec 01, 2020 and entity closes its year on Dec 31, 2020.…
Q: Mermaid Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 12%…
A: CARRYING VALUE It refers to the worth of an asset or a debt at the time it was purchased. Carrying…
Q: PDR Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 10% payable…
A:
Q: A loan of P100,000 made today (December 7, 2020) at 8.75% simple interest rate will be repaid on…
A: Loan Amount = 100,000 Interest % = 8.75% Time Period = Dec 7 2020 to Feb 14 2021 = 69 days / 365 =…
Q: A RO 40000 Interest-bearing note payable is signed on December 26 2020. If the note is a 120-day…
A: Maturity date = (5 days of Dec + 31 days of Jan + 28 days of Feb + 31 days of Mar, 25 days of April)…
Q: Nasty Bank granted a loan to a borrower on January 1,2020. The interest on the loan is 10% payable…
A: Journal entries : On 01.01.2020, Nasty Bank granted a loan to a borrower. Principal amount = 4000000…
Q: What is the interest income for 2021? National Bank granted a loan to a borrower on January 1, 2021.…
A: First, calculate the carrying value of borrowed amount: Carrying amount=Principle amount+Direct…
Q: ind the interest on 40,000 at 3.5% interest rate from October 11, 2020 to March 21, 2021 1.…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first three subparts. Please resubmit…
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: Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable…
A: Initial measurement of loan receivables on Jan 1, 2020 should be made as follows: Amount…
Q: Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On January 1, 2020, Vaughn Manufacturing borrows $ 3150000 from National Bank at 12% annual…
A: Computation of Cash inflow and outflow On borrowing 315000, Company has to pay interest of (315000 x…
Q: 4. Discount Note On December 31, 2020, your firm provided the services to the high-end clientele…
A: In case of multiple question 1st question is solved and incase of question with multiple subpart 1st…
Q: Find ordinary interest with approximate time from June 26, 2021 to Dec 18, 2025, of Php 9,000.00 at…
A: Ordinary interest is also known as simple interest. Ordinary interest is calculated by multiplying…
Q: Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable…
A: Principal amount 1,500,000 Add: Direct origination cost 130,150 Less: Origination fee received…
Q: On January 1, 2019 Leroy Inc. signed a 3 year loan for $80,000 with interest rate of 10%. The loan…
A: Annual instalment = Amount borrowed / Present value annuity factor (10%, 3 years) = $80,000 /…
Q: Awesome Bank granted a loan to a borrower on January 1, 2020. The interest rate on the loan is 10%…
A: Carrying value: It is the net book value of the asset at the end of the year after deducting…
Q: What amount should be paid on October 5, 2022, on a loan of P100,000 made on December 13, 2021 with…
A: Simple interest is a type of interest that is calculated based only on the principal amount of a…
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: What is the carrying amount of the loan receivable on January 1, 2021? Appari Bank granted a loan to…
A: Solution- The carrying value of loan receivable on January 1,2021 Will be 4000000. Reason: Direct…
Q: Loan Receivable and Receivable Financing Activity 1: Problems Problem 1: PDR Bank granted a loan to…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
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: Assuming a 360-day year, when a $13,430, 90-day, 11% interest-bearing note payable matures, total…
A: At the maturity of note payable, The amount paid = Principal + Interest Amount
Q: Problem 24 Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8%…
A: Loan amortization table: It is a schedule that includes repayment of the loan’s principal &…
Q: Required 1 Calculate the future value. On January 1, 2020, $30,000 is deposited into a savings…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Equity bank grants you a loan of 49,800 on 1 january 2022 that is repayable in 5 annual payments of…
A: A loan amortization schedule or table is that table that shows the breakup of periodic payments in…
Q: Benjamin Co. borTowed money on September 1, 2020. The loan had the following terms. Length: 5 years…
A: Calculation of Present Value of Cash Inflow Present Value of Cash Inflow Year Cash Outflow…
Q: If you borrow $1000.00 on May 1, 2019, at 12% compounded semi-annually, and interest on the loan…
A: The time value of money highlights the idea that money invested now will have a higher value than…
Q: On June 30, 2020, Amoro Company takes out a $5,000 loan documented through a note payable. Interest…
A: Interest is amount of return which is paid on the loan, bonds and debentures. It is paid as a return…
Q: National Bank granted a loan to borrower on January 1, 2021. The interest on the loan is 10% payable…
A: Origination fees will not form part of loan receivable
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- Value of an Annuity Using the appropriate tables, solve each of the following. Required: 1. Beginning December 31, 2020, 5 equal withdrawals are to be made. Determine the equal annual withdrawals if 30,000 is invested at 10% interest compounded annually on December 31, 2019. 2. Ten payments of 3,000 are due at annual intervals beginning June 30, 2020. What amount will be accepted in cancellation of this series of payments on June 30, 2019, assuming a discount rate of 14% compounded annually? 3. Ten payments of 2,000 are due at annual intervals beginning December 31, 2019. What amount will be accepted in cancellation of this series of payments on January 1, 2019, assuming a discount rate of 12% compounded annually?Amount of an Annuity Beginning December 31, 2023, 5 equal annual withdrawals are to be made. Required: Using the appropriate tables, determine the equal annual withdrawals if 25,000 is invested at an interest of 12% compounded annually on: 1. January 1, 2023 2. December 31, 2023 3. January 1, 2020Present Value of an Annuity Ralph Benke wants to make 8 equal semiannual withdrawals of 8,000 from a fund that will earn interest at 11 % compounded semiannually. Required: How much would Ralph have to invest on: 1. January 1, 2019, if the first withdrawal is made on July 1, 2019 2. July 1, 2019, if the first withdrawal is made on July 1, 2019 3. January 1, 2019, if the first withdrawal is made on January 1, 2022
- Determining Loan Repayments Jerry Rockness needs 40,000 to pay off a loan due on December 31, 2028. His plans included the making of 10 annual deposits beginning on December 31, 2019, in accumulating a fund to pay off the loan. Without making a precise calculation, Jerry made 3 annual deposits of 4,000 each on December 31, 2019, 2020, and 2021, which have been earning interest at 10% compounded annually. Required: What is the equal amount of each of the next 7 deposits for the period December 31, 2022, to December 31, 2028, to reach the fund objective, assuming that the fund will continue to earn interest at 10% compounded annually?Loan amount = $ 10000 on November 01, 2020 for 5 years Interest rate @1O PA Entry on December 31, 2020Loan from Bank = $ 100000 on December 01, 2020 Interest rate per Annum = 10 % Loan period = 5 years. Prepare entry on December 31, 2020.
- Compute the amount of interest on $8350 at 6.5% p.a. from October 8, 2019, to August 4, 2020. What rate of interest is paid if the interest on a loan of $12500 is $196.06 from November 14, 2019, to May 20, 2020? Loan payments of $1725 due today, $510 due in 75 days, and $655 due in 323 days are to be combined into a single payment to be made 115 days from now. What is that single payment if money is worth 8.5% p.a. and the focal date is 115 days from now? What principal will earn $355.99 interest at 9.75% p.a. from February 4, 2017, to July 6, 2017? Determine the face value of a four-month promissory note dated May 20, 2018, with interest at 7.5% p.a. if the maturity value of the note is $1190.03. A Company sells locks for $10 each. Manufacturing cost is $2.60 per lock; marketing costs are $2.40 per lock; and royalty payments are 20% of the selling price. The fixed cost of preparing the lock is $18 000. Capacity is 15,000 locks. Compute the contribution…Nasty Bank granted a loan to a borrower on January 1,2020. The interest on the loan is 10% payable annually starting December 31, 2020 The loan matures in three years on December 31, 2022 Principal amount 4,000,000 Direct origination cost incurred 150,000 Origination fee charged against the borrower 342,100 After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 12%. Required: Prepare journal entries for 2020, 2021 and 2022.Determine the combined present value as of December 31, 2021, of the following four payments to be received at the end of each of the designated years, assuming an annual interest rate of 8%. Payment Year Received $ 5,000 2022 6,000 2023 8,000 2025 9,000 2027
- On June 30, 2020, Amoro Company takes out a $5,000 loan documented through a note payable. Interest will be 16% annually and the note matures on June 30, 2021. The interest to be accrued at December 31, 2020 will be: о $400 0 $800 0 $0 0 $467If you borrow $1000.00 on May 1, 2019, at 12% compounded semi-annually, and interest on the loan amounts to $103.76, on what date is the loan due?If you borrow $1000.00 on May 1, 2019, at 10% compounded semi - annually, and interest on the loan amounts to $154.87, on what date is the loan due? The due date is (Round down to the nearest day.)
