Ramos Company has a 90-day note that carries an annual interest rate of 8%. If the amount of the total interest on the note is equal to $700, what is the note's principal? a. $8,750 b. $35,000 c. $50,400 d. $22,400
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Give note's principal
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?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
- Give correct calculationWindsor, Inc. has a 30-day note that carries an annual interest rate of 9%. If the amount of the total interest on the note is equal to $1080, then what is the principal of the note?A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank that uses a simple interest rate of 8%. What are the proceeds?
- Provide answer the accounting questionWhat is maturity value of the note ?Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note. Principal Term Interest $3,600 120 days $72 Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. 0% Interest rate:
- On June 8, Williams Company issued an $72,000, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar. a. $5,040 b. $73,680 c. $77,040 Od. $72,000A business issued a 45-day, 6% note for $210,000 to a creditor. Principal and interest are payable at maturity. How is maturity value calculated in this case? What is the maturity value of the note?The interest charged on a $222000 note payable, at the rate of 6%, on a 90-day note would be (Use 360 days for calculation.) $3330. $1110. $13320. $6660.