Metro Finance Co. borrowed $750,000 at a 9% annual interest rate, payable quarterly. Calculate the interest expense for one quarter. • Determine the total interest expense for one year.
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- A company borrows $120,000 at an annual interest rate of 5% for a period of 3 years. Calculate the total interest to be paid over the 3 years using simple interest.Ahlam borrows AED 3,000,000 to be repaid over 6 years at 8 percent. What is the repayment of principal in the first three years and the total interest to be paid .Halep Inc. borrowed $34,059 from Davis Bank and signed a 2-year note payable stating the interest rate was 8% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, calculate the factor. Next, determine the annual payment amount. Then, determine the interest portion of the payment for year 1. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.
- XTZ Company took a loan from the bank for 10 years, and compounded quarterly interest of 8.7 per cent is charged, Repayment of the loan has been done by equal installment quarterly which are 470 each. What is the the loan amount that is taken?Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest rate was 8% compounded annually. 1. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook E, calculate the factor. 2. Next, determine the annual payment amount. 3. Then, determine the interest portion of the payment for year 1. 4. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.Stinson Corporation borrowed $85,000 at 8% compounded quarterly to buy a warehouse. Monthly payments of $1200 were made over the term of the loan. Construct a partial amortization schedule showing the last 2 payments. Determine the total amount paid to settle the loan. Show work, not just the answer. Determine the total principal repaid. Determine the total amount of interest paid. Show work, not just the answer.
- Certain Concrete Company deposits $2,000 at the end of each quarter into an account paying 11% interest compounded quarterly. What is the value of the account at the end of 7 1/2 1 2 years? (a) State the type. A. present valueB. ordinary annuity C. sinking fund D. amortization E. none of these (b) Answer the question. (Round your answer to the nearest cent.)Idaho International Inc. borrows $86,600 from a bank at 3.08% compounded semi-annually for 7 years and 10 months. a) How much will the accumulated value of the loan be at the end of the term? $ b) How much interest will be charged on the loan? $XYZ Bank pays simple interest of 2% with quarterly compounding for deposits in their savings account. Assume that a deposit of $1,000 is made on the first day of the quarter and another $2,000 is made on the 30h day. A $900 withdrawal is made on the 60th day. What is the interest earned in the savings account for the quarter using the LIFO method? Assume 360 days in a year.
- A.Halep Inc. borrowed $17,128 from Davis Bank and signed a 2-year note payable stating the interest rate was 4% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, calculate the factor. Next, determine the annual payment amount. Round to the nearest penny, two decimal places. B.Halep Inc. borrowed $34,243 from Davis Bank and signed a 5-year note payable stating the interest rate was 3% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, what is the factor?An amount of $13,000 is borrowed from the bank at an annual interest rate of 14%. a. Calculate the equal end-of-year payments required to completely pay off the loan in 4 years. b. Calculate the repayment amounts if the loan ($13,000) will be repaid in two equal installments of $6,500 each, paid at the end of second and fourth years respectively. Interest will be paid each year.Alhambra Corporation borrowed $1 million from Anaheim Bank with the understanding that Alhambra will pay the loan back in 6 monthly installments of $175,000 each. Find the annual rate of interest charged by the bank.
