Determine the amount of each semi-annual interest payment for a $1,000 face value note payable with a 10% annual stated rate.
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A: Calculation of Effective Interest Rate:The effective interest rate is 8.16%.Excel Spreadsheet:
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A: FV of annuity = P * [(1+r)^n-1] / r Where, P = amount of each deposit r = rate of interest per…
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A: Loan is an agreement between lender and borrower where lender gives lump-sum money to borrower in…
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A: Details given are : Present value of deposit = $1500 Future value of deposit = $1680 Time period = 1…
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A: Effective annual interest is the amount which is expressed in terms of percentage paid annually to…
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A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: d the final monthly payment required to pay a loan with $2000 remaining principal and a 15% annual…
A: While payment of loans there are two components of loan one is principal amount and other is…
Q: You obtain a loan for 1,500,000 payable in three equal annual installments of 500,000 each. Interest…
A: Annual principal payment = 500,000 Interest rate =10% Effective rate = 12%
Q: $10,000 is borrowed at 10% a year interest for five years. At the end of each year, the borrower…
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Q: If you borrow $7,500 at $550 interest for one year, what is your effective interest rate for the…
A: The effective rate of interest refers to the return on savings or interest on the investment…
Q: A loan is amortized over 5 years with monthly payments at a nominal interest rate of 12% compounded…
A: First monthly payment (M) = 200 Monthly growth rate (g) = 1% Monthly interest rate (r) = 12%/12 = 1%…
Q: What are the proceeds (in $)?
A: A promissory note is a written form in which one party promises ta pay to other party for some…
Q: Calculate the effective annual rate on each of the following loans: 1. $5,000 loan for 2 years,…
A: Effective interest rate refers to the real return that an individual or company earns on a saving…
Q: At the beginning of each quarter, P36,000 is deposited into savings account that pays 6% compounded…
A: Quarterly deposits (D) = P36,000 Interest rate = 6% Quarterly interest rate (r) =…
Q: Find the nominal rate which when compounded semiannually and applied to a P50,000 principal will…
A: Let us note the given.Principal P = 50,000Interest I = 5000Amount A = P+I = 50,000 + 5000 =…
Q: Assuming a 360-day year, when a $50,000, 90-day, 9% interest-bearing note payable matures, the total…
A: Note Payable: A Note payable is a written promissory note which represents a specific amount of…
Q: On April 1, 2020, ABC Corporation borrows $50,000 on a 6-month note that charges an annual interest…
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Q: You own $35000 from the bank for 3 years at 8.50% annual interest, and you will make equal monthly…
A: Solved using Financial Calculator PV = 35,000 N = 3years * 12 = 36 I/Y = 8.5/12 = 0.708333 CPT PMT…
Q: Find the monthly payment on an auto loan of 200000 to be akortized over a 5-year period at a rate of…
A: Given Information : Auto loan - 200000 Period - 5 years Rate - 9%
Q: You deposit $400 in an account earning 8% coumpound interest for 2 years. Find the future value and…
A: Given That: P=$400 r=0.08 t=2 years
Q: prepare a three-year (monthly) amortization schedule to classify the notes payable into its current…
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A: Monthly installments carry the payment of interest and principal amount.
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Q: Determine the interest rate earned on an $800 deposit when $808 is paid back in one year.
A: In this question we need to compute the interest rate from following details : Initial deposit…
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A: A type of loan in which the borrower has to make a schedule for the periodic payment regarding both…
Q: Chang, Inc. issued a 3-month note in the amount of $360,000 on 12/01/17 with an annual rate of 5%.…
A: Accrued interest is $1,500. Computation of accrued interest: Excel spread sheet:
Q: What will be the maturity value of $5,000 deposited in a three-year certificate of deposit that…
A: In the present question we require to calculate the maturity value i.e. future value from the…
Q: Determine the value of an ordinary annuity if $290 is deposited each month into an account earning…
A: In order to find the future value of an annuity, one can use excel and use FV function to determine…
Q: Chang, Inc. issued a 120-day note in the amount of $360,000 on 12/16/17 with an annual rate of 5%.…
A: Accrued interest is $739.73. Computation of accrued interest: Excel spread sheet:
Q: A student loan of R6978 is to be repaid by 18 equal monthly instalments. Assuming that instalments…
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Q: You deposit $500 in an account earning 7% compound interest for 3 years. Find the future value and…
A: In order to find the future value and interest earned one has to take help from excel and use…
Q: Determine the value at the end of three years of a $10,000 investment (today) in a bank certificate…
A: The formula to calculate future value is given below:
Q: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual…
A: Formula: Interest amount = Accounts payable amount x Interest rate x Time period
Q: On july 1, Shady creek resort borrowed 290,000 cash by signing a 10 year, 10% installment note…
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Q: Find the discount and percent value for the following debts: a. BD 850 for 4 years with a simple…
A: Simple interest doesn't involve compounding of interest.It is quite simple to calculate annual…
Q: Compute the nominal annual rate of interest for the simple annuity due. Future value: - Present…
A: Calculation of Nominal Annual Rate of Interest:The Nominal Annual Rate of Interest can be calculated…
Q: What is the accumulated amount of a 9-year annuity paying P 1,075at the end of each year, with…
A: Using Excel FV function
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- 1. Calculate the effective annual rate for a certificate of deposit that pays 4.1% APRcompounded monthly.determines the amount to be deposited daily to pay the principal of $55408.83 at an annual compound interest rate of 1.46% for 9 years. Give type answerThe total interest charged on a $400,000, 4-month notes payable, at the annual rate of 7%, would be
- Windsor, Inc. has a 30-day note that carries an annual interest rate of 9%. If the amount of the total interest on the note is equal to $1080, then what is the principal of the note?For each of the following ordinary annuities, calculate the interest and principal portion of the payment indicated. Principal Interest Payment Frequency Loan Term 1 $15,000.00 10% compounded quarterly quarterly 3 years 2 $85,000.00 6.75% compounded monthly monthly 7 yearsFor each of the following ordinary annuities, calculate the interest and principal portion of the payment indicated. Principal Interest Payment Frequency Loan Term Payment Number to Find 1 $5,000.00 8% compounded quarterly monthly 3 years 16 2 $45,000.00 7.65% compounded monthly monthly 5 years 23
- Assuming a 360-day year, when a $12,919, 90-day, 6% interest-bearing note payable matures, total payment will amount to:If you borrow $7,300 at $800 interest for one year, what is your effective interest rate for the following payment plans? Note: Input your answers as a percent rounded to 2 decimal places. a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % % %The interest charged on a $420000 note payable, at the rate of 6%, on a 60-day note would be
- A loan company advertises that $100 borrowed for one year may be repaid by 12 monthly installments of $9.46. Assuming the difference between the amount repaid and the amount borrowed is interest only, what is the effective annual interest rate being charged?What is the Effective Annual Rate (EAR) on a deposit account with a stated Annual Percentage Rate (APR) of 10.6% and monthly compounding? Enter your answer as a percentage rounded to 2 decimal placesA 60-day, 9% note for $10,000, dated May 1, is received from a customer on account. Use 30 day months and 360 day years in calculations of interest. The maturity value of the note is:
