Subject: acounting A company received a loan of $30,000 from a bank that was charging interest at a rateof 4.80%-compounded quarterly.Question 1 of 6a. Calculate the accumulated amount of this loan at the end of 9 years and 6 months.$3,461,040.00Round to the nearest centb. Calculate the interest charged on this loan.Round to the nearest cent

A loan is an agreement between a lender and a borrower in which the lender provides a sum of money…

Answered: A company received a loan of $30,000…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...

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Jain 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?
Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?
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. $132,600
Cost of Bank Loan On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a 25,000 interest-only loan with a nominal rate of 11%. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerlys interest charge for the first month (assuming 31 days in the month)?
Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1.
A local business received a $45,000 loan at 4.95% compounded monthly. The business settled the loan with quarterly payments of $625. a. How many payments are required to settle the loan? Round up to the nearest whole payment. b. What was the interest portion of payment 61? $0.00 Round to the nearest cent c. What was the size of the final payment? Round to the nearest cent.
A local business received a $45,000 loan at 4.00% compounded semi-annually. The business settled the loan with monthly payments of $875. a. How many payments are required to settle the loan? Round up to the nearest whole payment. 57 56 55 58 b. What was the interest portion of payment 19? $104.31 $101.03 $108.16 $95.67 c. What was the size of the final payment? $400.50 $407.97 $404.87 $395.79
A bank charges an interest rate of interest is 6% compounded annually. A customer takes a loan of $159,348.29, which is to be paid back by annual payments of $18,000 at the end of each year for 13 years. What is the outstanding balance of the loan after the 2nd year? a. $141,963.74 b. $20,224.80 c. $37,080.00 d. $123,348.29 e. $33,001.07
A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years. (i) The interest portion of the final payment is 153.86. (ii) The total principal repaid as of time (n − 1) is 6009.12. (iii) The principal repaid in the first payment is Y. Calculate Y. OA. 500 OB. 470 O C. 480 O D. 490 OE. 510
Bank 1 is offering interest rate of 8.4% (compounds semiannually) on fixed deposits. Beck 2 is offering interest rate of 8.3% (compounds monthly) on fixed deposits. An investor invested amount of $15,000 for five years in the bank that is offering highest effective annual rate. What is the accumulated amount at the end of five years? a $22,683 b. $22.634 c. $22.451 d $22.982
Suppose that you deposited $1,000 in a savings account at the beginning of a year where the annual interest rate is 18%, for each month the annual effective rate is: Select one: a. $1195,61 b. $11561.5 c. %19.561 d. $19561.5
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