PART A: QUESTION 1On 20 February 2016, Encik Basri took a personal loan of RM 6,000 from a bank that charged asimple interest 8%. Find the amount paid on 15 June 2016 using Banker's Rule.

The Banker’s Rule in case of simple interest is based on 360 days in a year. This is similar to…

Answered: On 20 February 2016, Encik Basri took a…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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1. A man wishes to have P 100,000.00 on a bank that earns an exact simple interest rate of 10.50%. a. How much money should he deposit on an account to fulfill his wish if he decided to deposit it on February 20, 2016, and withdraw this account on February 20, 2017, and no other withdrawals will take place?
Answer the whole of 3.2
Shawn borrowed RM5 000 from a bank on 30th March 2020.The amount to be paid by Shawn was RM5 021.67 and the simple interest rate was 6% per annum,find the date of repayment using the Banker's Rule. 23rd April 2020 25th April 2020 26th April 2020 24th April 2020
A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500.00 per month at the end of 4th, 6th, and 7th month respectively. Determine the amount of money that he received from the bank. a. P1403.68 c. P1102.37 b. P1340.38 d. P1030.28
Hello M'am/Sir Could you please solve this question? Related to Time Value Money (Simple Interest)
Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount
plz explain, do not do in ms excel.
J
Cy loans Mookie The Beagle™ Concierge $2,000 at 6% annual interest. Record the transaction as a loan payable as follows. Complete a Deposit. Select Create (+) icon > Bank Deposit Select Account: Checking Select Date: 01/12/2022 In Add Funds to This Deposit section, select Account: + Add New > Loan Payable > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable, then select Save and close Select Payment Method: Check Enter Ref No.: 5002 Enter Amount: 2000.00 Select Save and close What is the Amount of the Loan Payable? (Answer this question in the table shown below. Round your answer 2 decimal places.) View the Transaction Journal for the Deposit. From the Navigation Bar, select Accounting From the Chart of Accounts, select Loan Payable > View Register From the Register, select the transaction just recorded > Edit From the bottom of the Loan Payable transaction, select More > Transaction Journal What are the…
Please solve question 1 ASAP. Thank you
On March 24, 2014, Brendan and Madison borrow $18,000 each at a simple interest rate r = Brendan's bank calculates interest using exact 12%. interest, while Madison's bank uses the Banker's Rule (ordinary interest). Let X = amount Brendan pays back on September 24, 2014, and Y = amount Madison pays back on September 24, 2014. What is the value of X - Y?
Didzo took a loan of $14 600 on January 10, 2013 at a rate of 9.25%. He repaid the loan on June 4, 2013. What is the interest due on repayment date? Select one: a. $532.80 b. $529.10 c. $540.20 d. $536.50 e. $543.90

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On 20 February 2016, Encik Basri took a personal loan of RM 6,000 from a bank that charged a simple interest 8%. Find the amount paid on 15 June 2016 using Banker's Rule.