Red Cedar Capital borrowed $900,000 at a 5% annual interest rate, payable annually. What is the total interest expense for one year? A) $36,000 B) $45,000 C) $54,000 D) $40,500
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- Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)What is the total interest expense for one year?
- 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.AbcOntario Credit Union borrowed $275,000 at 9.5% compounded semi-annually from League Central to build an office complex. The loan agreement requires payment of interest at the end of every 6 months In addition, the credit union is to make equal payments into a sinking fund so that the principal can be retired in total after 20 years Interest earned by the fund is 8% compounded semi-annually (a) What is the semi-annual interest payment on the debt? (b) What is the size of the semi-annual deposits into the sinking fund? (c) What is the total annual cost of the debt? (d) What is the interest earned by the fund in the 32nd payment interval? (e) What is the book value of the debt after 16 years? (f) Prepare a partial sinking fund schedule showing details, including the book value of the debt, for the first three payments, the last three payments, and the totals. (a) The interest payment is $ (Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal…
- K A company borrowed $13,000 paying interest at 8% compounded semi-annually. If the loan is repaid by payments of $2300 made at the end of each 6 months, construct a partial amortization schedule showing the last three payments, the total paid, and the total interest paid. Complete the table below for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid Interest Paid Principal Repaid $ $2300 $2300 4 $ Outstanding Principal 50 Total Paid=$ (Do not round until the final answer. Then round to the nearest cent as needed.) Submit test Interest Paid=$ (Do not round until the final answer. Then round to the nearest cent as needed.)Lakeshore Electronics borrowed $500,000 at an 8% annual interest rate on a 5-year loan. If the company makes annual interest payments, what is the interest expense for the first year?General accounting
- You have borrowed $28,000 at an interest rate of 12% compounded annually. Equal payments will be made over a four-year period, with each payment made at the end of the corresponding year? What is the interest payment for the second year?(a) $1,800(b)$2,251(c) $1,089(d)$2,657Ahlam 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 .What is the total interest expense for one year? Accounting question
