what is the correcting entry for.. purchasing equipment for $260,000, paying $60,000 cash, and signing a 5 year 10% note for the remaind
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what is the correcting entry for.. purchasing equipment for $260,000, paying $60,000 cash, and signing a 5 year 10% note for the remainder
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- I need this question completed in 10 minutes in handwritten working outto purchase a home a couple borrowed $280,000 at 5.1% compounded monthly for 25 years. after making 70 payments of $1653. 21 they plan to refinance at 4.2% compounded monthly for 15 years , with refinancing costs of $1100 added to the new loan. a) Find the amount refinance b) find the new monthly statement. c) If payments are $2000 per month on the refinance loan, how long will it take to pay off the loan? d) How much is saved in total by refinancing and making monthly payments of $ 2000 on the financing amount?. An engineer signs a contract to work in Hong Kong for 5 years. The contract specifies that at the end of his 5 years of service, he will receive $90,000 at the end of each of the following 3 years. Assume funds earn 6% compounded annually. (a) Find the amount needed at the end of his 5 years of service to fund the payments. (b) Find the end-of-year payment into a sinking fund needed to accumulate this amount. * $240,570.90; $42,677.28 $250,570.90; $45,677.28 $42,677.28; $240,570.90 Other:
- If my balance is $85,000 and I contribute $25,000 p.a for the next 35 years earning a rate of 5%, what will be my final balance?1.) An eligible Pag-IBIG member may borrow up to 80% of his total accumulated value (TAV) subject to the terms and conditions of the program. After a strong typhoon, Mang Liloy applied for a calamity loan of $30,000. The current interest rate for the calamity loan is 5.95% per annum. How much interest does Mang Liloy have to pay at the end of 1 year? 2.) How long will it take $200,000 to amount to half a million pesos if the simple interest rate is 8.25% per annum? 3.) Find the compound amount and interest if $400,000 is invested at 8% compounded quarterly for five years and six months.PLEASE ANSWER WITHIN 30 MINUTES.
- Murphy Company purchased a new machine for $120,000 on December 31, 2020. They obtained a loan at the bank to finance the purchase. The terms of the loan were: 5 years, 5% interest, annual payments of principal and interest on December 31 of each year. a. Using the table provided, calculate the annual payment on the loan. b. Record the purchase of the new machine on December 31, 2020. c. Record the loan payment on December 31, 2021. d. Record the loan payment on December 31, 2022. d. Calculate the loan balance for December 31, 2022 after the payment. a. Using the table below, calculate the annual payment on the loan. Loan Amount…You have just completed your four-year degree at Southwest Minnesota State University (SMSU)! Your student loans that you have accumulated while studying at SMSU total $25,000. Since you have graduated, you must now begin repaying these student loans. The loan’s annual interest rate is six percent (6%) and it requires four equal end-of-year payments. a) Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. B) What is the total amount that you will repay over this four-year period (principal + interest)? c) What portion or percentage are the total “Interest Payments” of the initial loan value of $25,000?A student bought a rental property for $40 000.00 down and monthly payments of $1000.00 for 5 years. What is the equivalent cash price if money is worth 5.75% compounded semi-annually? 85647.32 O95288.35 O 105284.25 O 92122.41 4
- An individual has $1,000 to invest and wants to accumulate $1,470 in 5 years. What interest rate, compounded semiannually, must be earned to accomplish the objective?4. Tom agrees to make equal payments at the end of each year for 10 years to pay all interest and principal in purchasing a land worth $1,250,000 cash. If money is worth 8% compounded annually, find the annual payment.Odysseus buys an Odyssey for $45,000.00. He pays $5000.00 down and the remainder in equal monthly payments over 5 years at 8% c.m. a. Calculate the amount of the monthly payment. b. Calculate the total interest charges. c. Determine the balance owing just after the 36th payment. Show the Merchant's Rule. d. Determine the total principal paid during the third year.