Suppose you purchased $5,000 worth of furniture and paid back only $3,500 before the 90-day deadline....
Suppose you purchased $5,000 worth of furniture and paid back only $3,500 before the 90-day deadline. If you are charged 18% simple interest, how much will you owe on day 91 if you plan to pay off loan in full on that day
Homework Answers
Principal Balance = $ 5000 - $ 3500 = $ 1500
Interest = $ 1500 * 18% * 90/360 = $ 67.50
Total AMount due = Principal + Interest = $ 1500 + $ 67.50 = $ 1567.50
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Suppose you purchased $5,000 worth of furniture and paid back
only $3,500 before the 90-day deadline....
Suppose you purchased $5,000 worth of furniture and paid back only $3500 before the 90-day deadline....
Suppose you purchased $5,000 worth of furniture and paid back only $3500 before the 90-day deadline. If you are charged 18% simple interest, how much will you still owe on day 90? Show your work! Your resnonse to one of the followinn einn
thank you for helping Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth...
thank you for helping
Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable. July 1 Paid $1,500 cash plus interest to the supplier, extending the note for 30 days from July 1. 31 Paid the note in full. Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchase of merchandise. Prepare general journal...
Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a...
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Suppose you purchased $5,000 worth of furniture and paid back only $3500 before the 90-day deadline. If you are charged 18% simple interest, how much will you still owe on day 90? Show your work! Your resnonse to one of the followinn einn
thank you for helping
Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable. July 1 Paid $1,500 cash plus interest to the supplier, extending the note for 30 days from July 1. 31 Paid the note in full. Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchase of merchandise. Prepare general journal...
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8. You purchased a new car for sis,000. The dealer offers you an interest rate of 5% over years. a) What would your monthly payment be? b) Suppose you would like to save interest by paying the loan off in 3 years. How much more a ma would you need to pay? c) What would the effective interest rate be if you paid off the car in 3 years? 9. Sketch the annual cash flow diagrams for each case in...
Suppose you want to buy a car today. If you can afford payments of $493 per month and want to pay the loan back over the next 7 years. Assuming no down payment is required, how much can you borrow if the bank will charge you an annual percentage rate of 3% APR? (Work out the problem on separate sheet of paper before entering the answer.) Answer: Check Suppose you racked up $33317 of student loan and the interest is...
97 down and financed the holy 1. you purchased furniture payments on December Fluff Business, 2021, Year 3', you paid the amounts owed for Fluffs at the end of year 2020 and collected all of the amounts owed by customers at the end of last year. You purchased eleven more Fluffs for $4,000 each and at the same terms as last year. During the year you sold 11 Fluffs for $8,000 each at the same terms as last year. On...
suppose that 10 years ago you bought a home for 120,000, paying 10%
as a down payment, and financing the rest at 9% interest for 30
years.
this year (10 years after you first took at the loan) you
check your loan balance. only part of your payments have been going
to pay fown the loan; the rest has been going towards interest. you
see that you still have 96,584 left to pay on your loan. your house
is now...
A3-8 Suppose you want to borrow $200,000 to purchase a home. You have found terms that include a 30-year note with a nominal rate of 7.0% com - pounded monthly. The loan includes payment of 2.5 points, which will be paid out of the loan at closing. One point is equal to 1% of the loan value.) A) Calculate the monthly mortgage payment. B) How much interest is paid in the 2nd month's payment? C) How much principal is paid...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August 30 and $600 on September 29. Find the balance on October 29 of the same year. A man owes $100, due in two months, and $400, due in eight months. His creditors have agreed to settle his debts by two equal payments in four months and ten months, respectively. Find the size of each payment if the rate of interest is 6% and the...
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2011-2012-3.4%
2012-2013-3.4%
2013-2014-3.86%
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