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?
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- 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. $2,383Jain 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?Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payable
- If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?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?The interest rate on a $118,000 loan is 8.9% compounded semiannually. The monthly payments on the loan are $960. (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 210. Interest $ b. Calculate the principal component of Payment 145. Principal $ c. Calculate the final payment. Final payment $
- The interest rate on a $59,000 loan is 8.9% compounded semiannually. Quarterly payments will pay off the loan in twelve years. (Do not round Intermedlate celculatlons and round your final answers to 2 declmal places.) a. Calculate the interest component of Payment 10. Interest $. 1187.03 b. Calculate the principal component of Payment 40. Principal $ 1660.07 c. Calculate the total interest in Payments 29 to 40 inclusive. Total interest $ 6734.03 d. Calculate the reduction of principal in Year 5. Principal reduction $ 4095.68 Mc Graw Hill correct W boA lender engages in a 15-day $1,000,000 reverse repo at a rate of 2.50%. The haircut is 2%. The current market value of the loan is $980,000. What rate of return did the lender earn on annualized basis? Use 360-day for annualization. $1,000.42 $810.63 $466.86 $880.37A 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
- What is the annual rate of interest being charged on a 9-month note receivable of $54,000 if the total interest is $1,620? Multiple Choice O 4% 3% 6% 7%A $90,000 loan at 7.7% compounded semiannually requires monthly payments of $1,600. Calculate the final payment. $1291.47 $1144.46 $1289.61 $1165.92 $1137.28Assuming a 360-day year, when a $14,700, 90-day, 12% interest-bearing note payable matures, total payment will be ______ .Round your answer to the nearest whole dollar. a.$1,764 b.$15,141 c.$441 d.$16,464