Question

Given: an 11% 120-day $9,000 note. Find the adjusted balance
(principal) using the U.S. Rule (360 days) after the first payment
on the 65th day of $1,000. **(Round your answer to the
nearest cent.)**

Answer #1

**SEE THE IMAGE. ANY DOUBTS,
FEEL FREE TO ASK. THUMBS UP PLEASE**

Meghan Brown borrowed $50,000, on a 90-day 10% note. After 55
days, Brown made an initial payment of $9,000. On day 70, Brown
made an additional payment of $10,000. Assuming the U.S. Rule, what
is the adjusted balance of the first payment? Use 360 days.

Bill Brody borrowed $12,500 on an 11% 120-day note. After 65
days, bill paid $500 toward the note. On day 89, bill paid an
additional $4,500. What is the final balance due? Work out the
total interest and ending balance due by the U.S. Rule.

11)
Leon Harding proceeds of $5762 after signing a 210-day note for
$6000. Find the discount rate. Round to the nearest tenth.
13) How much much Harry's Hardware deposit at 8.5% interest
for 120 days in order to earn $800.00 interest? Round to the
nearest dollar.
Step by step with formulas.

Find the adjusted balance due at maturity for a 90 day note of
$18 comma 000 at 13.1% ordinary interest if a partial payment of
$6 comma 000 is made on the 60th day of the loan.

On May 12, Scott Rinse accepted an $7,000, 12%, 90-day note for
a time extension of a bill for goods bought by Ron Prentice. On
June 12, Scott discounted the note at Able Bank at 11%. (Use Days
in a year table.)
What proceeds does Scott receive? (Use 360 days a year. Do
not round intermediate calculations. Round your final answer to the
nearest cent.)

On July 1, Alton Co. issued an $89,800, 7%, 120-day note payable
to Seller Co. Assume that the fiscal year of Alton Co. ends July
31. Using a 360-day year in your calculations, what is the amount
of interest expense recognized by Alton in the current fiscal year?
When required, round your answer to the nearest dollar.
Select the correct answer.
$1,572
$1,048
$6,286
$524

On December 1, Klien Corporation accepted a 120-day, 6%,
$14,600 note receivable from J. Silverthorn in exchange for his
account receivable.
1.
Journalize the transaction on
December
1.
2.
Journalize the adjusting entry needed on
December
31 to accrue interest revenue. Round to the nearest dollar.
3.
Journalize the collection of the principal and interest at
maturity. Specify the date. Round to the nearest dollar.
Date
Accounts and Explanation
Debit
Credit
Dec.
1
Requirement 2. Journalize the adjusting entry needed...

Sylvestor Systems borrows $79,000 cash on May 15, 2016, by
signing a 30-day, 6% note.
1. On what date does this note mature?
June 13, 2016
June 14, 2016
June 15, 2016
June 16, 2016
June 17, 2016
2. Assume the face value of the note equals
$79,000, the principal of the loan.
(a) Prepare the journal entry to record issuance of the
note.
(b) First, complete the table below to calculate the interest
expense at maturity. Use those calculated...

2) Find the future value FV (at the end of the given
interval) using the given interest rate. (Round your answers to the
nearest cent.)
R(t) =
48,000e0.04t, 0 ≤
t ≤ 10, at 5%
3) Calculate the producers' surplus for the supply equation at
the indicated unit price p. (Round your answer to the
nearest cent.)
p = 10 +
2q; p = 28

Using the average daily balance method and the information
given, find the credit card finance charge for the month of August
(31 days). The annual interest rate is 18%.
The finance charge is ? $
July 31
Balance
$340
August 11
Charge
$48
August 16
Payment
$230
August 23
Charge
$143
August 25
Charge
$31

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 57 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 3 hours ago

asked 3 hours ago

asked 3 hours ago