If a note provides for payment of principal of $90,000 and interest at the rate of 7%,
Question:
If a note provides for payment of principal of $90,000 and interest at the rate of 7%, will the interest amount to $6,300? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (9 reviews)
Year the interest will amount to at the end of the seven years becaus...View the full answer
Answered By
Amit Choudhary
I'm new in this profession regarding online teaching but previously i used to teach students near my college. I am teaching on online platform since last year and got good support from the students. I'm teaching on platforms like chegg and vedantu and also at my home in free time.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
If a note provides for payment of principal of $75,000 and interest at the rate of 8%, will the interest amount to $6,000? Explain.
-
If a note provides for payment of principal of $75,000 and interest at the rate of 8%, will the interest amount to $6,000? Explain. Discuss.
-
If a note provides for payment of principal of $85,000 and interest at the rate of 6%, will the interest amount to $5,100? Explain.
-
1. Was the contract between Joel King and Barber bilateral or unilateral? 2. What was bargained for and given in exchange by each party? Mark P. Painter, Judge This case involves neighbors and the...
-
Use the TELUS Corporation (TELUS) financial statements on My Accounting Lab to answer the following questions: 1. Give the breakdown of TELUS's current liabilities at December 31, 2013. 2. TELUS has...
-
How would the complexity of information systems affect inherent risk?
-
The board of directors of Changing Seasons Health Spa authorizes the issuance of \(\$ 600,000\) of \(7 \%, 10\)-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds...
-
Brooks Hardware reported cost of goods sold as follows. Brooks made two errors:1. 2011 ending inventory was overstated by $2,000.2. 2012 ending inventory was understated by $5,000.InstructionsCompute...
-
Assume Alaska has a credit sale of 462,400 in March 507,500 in April and 550,200 In May. Most of the sale. Also Assume a 64% of sale are collected in the month of sale. 35% are collected in the...
-
The Makonsel Company is a fully integrated company that both produces goods and sells them at its retail outlets. After production, the goods are stored in the companys two warehouses until needed by...
-
For a business, what are the advantages of a note receivable in comparison to an account receivable?
-
Under what section should accounts receivable be reported on the balance sheet?
-
Go to the U.S. Imports/Exports History site (http://www.virtualref.com/abs/276.htm). Pick any three industries/commodities and investigate importing/exporting patterns since 1994. Also go to the...
-
\(X\) and \(Y\) are independent and \(N(0,1)\)-distributed. Determine the density \(f_{Z}(z)\) of \[Z=X / Y\] Which type of probability distributions does \(f_{Z}(z)\) belong to?
-
What does using Johnson's rule to schedule two work centers minimize?
-
The salaries (in thousand dollars) of a sample of 10 employees Find the mean, the median, and the mode of the data, if possible. If any measure cannot be found or does not represent the center of the...
-
How many real positive values of \(r\) satisfy the following. (a) \(M(r, 0.3)>3\) (b) \(M(r, 0.8)=1.2\) (c) \(M(r, 0.1)=1.3\)
-
Critical ratio is calculated as the time remaining divided by what?
-
III Actual velocity data for a lion pursuing prey are shown in Figure P2.52. Estimate: a. The initial acceleration of the lion. b. The acceleration of the lion at \(2 \mathrm{~s}\) and at \(4...
-
Find the cross product a x b and verify that it is orthogonal to both a and b. a = (t, 1, 1/t), b = (t 2 , t 2 , 1)
-
Which of the following statements is correct? a. When using on-premises solutions, maintenance or upgrade projects may even go by unnoticed. b. An important advantage of cloud-based solutions...
-
Intangible Amortization Presented below is selected information for Palmiero Company. 1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2008. The patent is being amortized...
-
Correct Intangible Asset Account As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2010,...
-
Recording and Amortization of Intangibles Power glide Company, organized in 2009, has set up a single account for all intangible assets . The following summary discloses the debit entries that have...
-
Finny Inc's contribution format income statement for the most recent month is given below: Sales (58,000 units) Variable expenses Contribution margin Fixed expenses Net operating income $1,160,000...
-
Down Under Products' sales budget for the next four months is as follows: Unit Sales April May June July 82,000 90,000 122,000 96,000 The company wants its ending inventory levels to equal 15% of the...
-
For a cyclotron, apply the relationship between the particle's mass and charge, the magnetic field, and the frequency of circling. Suppose a cyclotron is operated at B = 1.57 T and has a dee radius R...
Study smarter with the SolutionInn App