Question

**Allstar Company signed a $200,000 mortgage on July 1,
2018 for the purchase of their new garage building. The mortgage
entailed equal monthly payments of $2,700 at the end of each month.
The interest rate is 7.0% per year. How much interest
expense will be paid on August 31, 2018? (Round your answer to the
nearest whole dollar.)**

Answer #1

Allstar Company signed a $200,000 mortgage on July 1,
2018 for the purchase of their new garage building. The mortgage
entailed equal monthly payments of $2,800 at the end of each month.
The interest rate is 4.0% per year. How much interest
expense will be paid on August 31, 2018? (Round your answer to the
nearest whole dollar.)

Allstar Company signed a $100,000 mortgage on July 1,
2018 for the purchase of their new garage building. The mortgage
entailed equal monthly payments of $2,800 at the end of each month.
The interest rate is 6.0% per year. How much interest
expense will be paid on August 31, 2018? (Round your answer to the
nearest whole dollar.)

How would i solve this?
Allstar Company signed a $250,000 mortgage on July 1, 2018 for
the purchase of their new garage building. The mortgage entailed
equal monthly payments of $3,000 at the end of each month. The
interest rate is 8.0% per year. How much interest expense will be
paid on August 31, 2018? (Round your answer to the nearest whole
dollar.)

RF Company signed a $250,000 mortgage on July 1, 2018
for the purchase of their new garage building. The mortgage
entailed equal monthly payments of $2,600 at the end of each month.
The interest rate is 6.0% per year. How much interest
expense will be paid on August 31, 2018? (Round your answer to the
nearest whole dollar.)

1) Discount Co signed a 12-year note payable on January 1,
2018, of $ 780000. The note requires annual principal payments
each December 31 of $ 65000 plus interest at 8%. The entry to
record the annual payment on December 31, 2020, includes
A. a debit to Interest Expense for $52,000.
B. a debit to Interest Expense for $62,400.
C. a credit to Cash of $127,400.
D.a credit to Notes Payable for $65,000.
2) Eva Company purchased a building with...

On July 1, Homer Simpson signed a 30-year home mortgage contract
in the amount of $300,000. The interest rate on the mortgage is
4.35%compounded monthly, making the monthly payments $1,493.44. The
first payment is due on August 1 and the second payment is due on
September 1. Homer is a dedicated accountant, so he records all of
his household transactions in debit-and-credit format. The journal
entry to record the second payment on September 1 includes
A DEBIT to Interest Expense...

On November 15, 2015, Bachman Manufacturing Company signed a
30-year, $200,000 mortgage note payable to Williamsburg in
connection with the purchase of a building. The note calls for
interest at an annual rate of 6 percent (0.5 percent per month).
The note is fully amortizing over a period of 360 months. A small
portion of the amortization table showing the allocation of monthly
payments between interest and principal is illustrated as
follows.
Installment Notes Question 1: Prepare the journal entry...

Suppose you borrowed $200,000 for a home mortgage on January 1,
2015 with an annual interest rate of 6% per year. The balance on
the mortgage is amortized over 30 years with equal monthly payments
at the end of each month. (This means the unpaid balance on January
1, 2045 should be $0).
(a) What are the monthly payments?
(b) How much interest was paid during the 30 years of the
mortgage?
(c) What is the unpaid balance on the...

Company B is a merchandising Company. Estimated sales for July,
August, and September will be $200,000, $190,000, and $210,000,
respectively. Each month’s ending inventory must equal 20% of the
cost of next month’s sales. The average gross profit ration is 60%.
The company pays for 40% of its merchandise purchase in the month
of purchase and the remaining 60% in the month following the
purchase.
1. How much is the budgeted merchandise purchase in August?
2. How much is the...

You purchased a new house for $200,000 and financed the entire
purchase with a $200,000 mortgage, payable monthly over 30 years at
a yearly rate of 4.5%. How much do you owe on this house today
after making 4 years of monthly payments?
a. $188,277.00
b. $ 44,439.65
c. $173,333.33
d. $186,177.19
e. $ 48,827.09

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