Determine the Interest on the Following Notes:

6000 8 120 days360 160. Solved by Expert Tutors 4Determine the interest on the following notes payable 3 Points Each.

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T Time Periods involved.

. B 900 at 9 for 5 months. C 3000 at 8 for 60 days. The interest rate of a certain account ia 65 compute the a single payment present worth factor.

Determine the interest on the following notes. Amount of interest face amount x interest rate x term of note 360 a 90000 x 006 x 120360 b 21000 x 004 x 30360 c 68000 x 008 x 45360 d 34400 x 005 x 90360 e 50000 x 007 x 90360 Remember the interest rate is stated on an annual basis while the term is expressed as days a 1800 b 70 c 680 d 430 e 875. Calculating Interest Using 360 days as the denominator calculate interest for the following notes using the formula I P x R T.

5275 a 2000 at 6 for 90 days. Wilson Corp issues bonds payable with a stated rate of 6 12 percent. Determine whether the following bonds payable will be issued at par at a premium or at a discount.

Determine the due date of the note. A 2000 at 6 for 90 days. 1 Determine the interest on the following notes.

The market interest rate is 5 percent. A 5000 at 6 for 90 days. Due date after 60 days would be 10 days in November 31 days in December 19 days in January.

25 percent coupon corporate bond paid semi-annually 315 percent coupon Treasury note and a corporate zero coupon bond maturing in 10 years. Round answers to 2 decimal places. Calculate interest for the entire period.

What is the interest rate on the companys note payable. Determine the interest on the following notes. Round answers to 2 decimal places eg.

10000 X 9 X 60 days360 days 15000. Principal rate of interest number of days total number of days in a year 270. P Principal Amount.

Base formula written as I Prt or I P r t where rate r and time t should be in the same time units such as months or years. An example of a notes maturity value Suppose a company signed a promissory note to borrow 100000 from a local bank. Determine the maturity date and compute the interest for each of the following notes payable with add-on interest.

July 6 6000 10 60 days e. 4500 11 60 days360 8250. Principal of the Note Annual Interest Rate Time Interest.

To calculate the interest receivable on this note the math would be as follows. C 3000 at 8 for 60 days d 1600 at 7 for 6 months Ans. B 800 at 9 for 5 months.

When a notes due date is expressed in days the specified number of days is divided by 360 or 365 in the interest calculation. Determine the maturity value of the note. Interest on shortterm notes is calculated according to the following formula.

Principal X Interest X Time Interest receivable. Guzman Company received a 60-day 5 note for 54000 dated July 12 from a customer on account. Principal Rate Time Interest 5000 600 30 days 1000 750 60 4500 800 120 24 950 680 95 1250 725 102 2900 700 90 24 24.

August 5 20000 9 120 days b. View the full answer. 9000 9 75 days 360 16875.

R Rate of Interest per year as a percent. 16800 7 30 days360 98. Use 360 days for calculations and round the nearest dollar.

25000 9 45 days360 28125. Round your answers to the nearest cent. Determine the interest on the following notes a 2000.

May 10 8400 7 90 days c. Interest on Note Amount of Note X Interest Rate X Period of Note It is given that 360 days is to be used for calculation Using above formula we will calculate the interest for each subquestion a. Interest rate Interest amountAmount of note payable 12 monthsMonths of note payable 100 question_answer Q.

Assume a 1000 par value. How much did Eldorado lend its customer on October 312 es The Mazzanti Wholesale Food Companys fiscal year-end is June 30. Accounting questions and answers.

Determine the interest on the following notes. 11 Determine the interest payment for the following three bonds. The 2021 rent payment was made at the beginning of which month.

And the interest would be Principal rate of interest number of days total number of days in a year 180. Determine the interest on the following notes. October 5 12000 6 45 days d.

Interest Payments Determine the interest payment for the following three bonds 5 from FINANCE 3713 at Arkansas State University Main Campus. Thus a note may be issued for a period as short as 30 or 60 days. I Interest Amount.

R Rate of Interest per year in decimal. C 6000 at 8 for 60 days d 1600 at 7 for 6 months 2 The following data exists for Mather Company. Calculate the missing amount for each of the following notes receivableFace Value Annual Interest Rate Fraction of the Year Interest 11000 6 4 months a 30000 5 b 1500 35000 c 6 months 1225 d 8 6 months 700.

Use 360 days for calculation a 5400 at 6 for 90 days. September 15 12000 8 75 days. For example interest on a four-month 9 1000 note equals 30.

CHAPTER 2 Review of the Accounting Process Required. Calculation of Interest on Notes Formula. How to calculate.

R r 100. Date of note principal interest rate term a. In our example that math would yield 5000 X 007 350.

Enter the interest in dollars. Apex Inc issued 6 12 percent bonds payable when the market rate was 7 14 percent. This is the annual interest charge for the note.

LegalRegulatory Perspective AICPA FN. B 900 at 9 for 5 months. D 1600 at 7 for 6 months.

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