Question

The Tomac Swim Club arranged​ short-term financing of $14000 on July 9 with the Bank of...

The Tomac Swim Club arranged​ short-term financing of $14000 on July 9 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of ​$ 6800 on September ​13, ​$3100 on November 26​, and the balance on December 30.​ Interest, calculated on the daily balance and charged to the​ club's current account on the last day of each​ month, was at 10​% per annum on July 9. The rate was changed to ​10.5% effective September 1 and to 11.5​% effective December 1. How much interest was paid on the​ loan

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Paymaster Enterprises has arranged to finance its seasonal​ working-capital needs with a​ short-term bank loan. The...
Paymaster Enterprises has arranged to finance its seasonal​ working-capital needs with a​ short-term bank loan. The loan will carry a rate of 12 percent per annum with interest paid in advance​ (discounted). In​ addition, Paymaster must maintain a minimum demand deposit with the bank of 9 percent of the loan balance throughout the term of the loan. If Paymaster plans to borrow ​$110,000 for a period of 4 ​months, what is the effective cost of the bank​ loan? Hint​: Assume...
​​(Cost of​ short-term bank loan​) On July​ 1, 2018, the Southwest Forging Corporation arranged for a...
​​(Cost of​ short-term bank loan​) On July​ 1, 2018, the Southwest Forging Corporation arranged for a line of credit with the First National Bank​ (FNB) of Dallas. The terms of the agreement call for a ​$110,000 maximum loan with interest set at 1 percent over prime. In​ addition, the firm has to maintain a 21 percent compensating balance in its demand deposit account throughout the year. The prime rate is currently 13 percent. Note​: Interest is not paid in advance​...
(Cost of​ short-term bank loan​) On July​ 1, 2018, the Southwest Forging Corporation arranged for a...
(Cost of​ short-term bank loan​) On July​ 1, 2018, the Southwest Forging Corporation arranged for a line of credit with the First National Bank​ (FNB) of Dallas. The terms of the agreement call for a ​$140 comma 000 maximum loan with interest set at 1 percent over prime. In​ addition, the firm has to maintain a 19 percent compensating balance in its demand deposit account throughout the year. The prime rate is currently 14 percent. Note​: Interest is not paid...
(Cost of​ short-term bank loan​) On July​ 1, 2018, the Southwest Forging Corporation arranged for a...
(Cost of​ short-term bank loan​) On July​ 1, 2018, the Southwest Forging Corporation arranged for a line of credit with the First National Bank​ (FNB) of Dallas. The terms of the agreement call for a ​$100,000 maximum loan with interest set at 1 percent over prime. In​ addition, the firm has to maintain a 17 percent compensating balance in its demand deposit account throughout the year. The prime rate is currently 13 percent. Note​: Interest is not paid in advance​...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events that took place at Enron and how the situation could have been dealt with differently to prevent further damage? THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies,...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT