Question 1 1 pts A company borrowed $40,000 on June 30, 2019 from a bank. The bank is charging an interest rate of 10% annually. Interest is compounded quarterly. How much interest expense will the company record on September 30, 2019? When typing your answer, do NOT use a "$" or commas or decimal places. (If your answer is $1,250.00, then you should type "1250") Question 2 1 pts A company borrowed $40,000 on June 30, 2019 from a bank. The bank is charging an interest rate of 10% annually. Interest is compounded quarterly. How much interest expense will the company record on December 31, 2019? That is, what is the amount of interest expense incurred for the 3 months from September 30, 2019 to December 31, 2019? Question 3 1 pts A company borrowed $40,000 on June 30, 2019 from a bank. The bank is charging an interest rate of 10% annually. Interest is compounded quarterly. What is the outstanding balance on the loan (amount borrowed plus unpaid interest) on December 31, 2019? That is, if we borrowed $40,000, incurred interest expense from June 30, 2019 to September 30, 2019, and incurred another 3 months of interest from September 30, 2019 to December 31, 2019, all of which was not paid but got added to the Notes Payable balance, what is the ending Notes Payable balance at December 31, 2019? Question 4 1 pts A company borrowed $40,000 on June 30, 2019 from a bank. The bank is charging an interest rate of 10% annually. Interest is compounded quarterly. If the loan is due on September 30, 2020, and the total repayment amount is $45,257, what is the total amount of interest expense the company will incur over the whole life of the loan? Question 5 1 pts A company borrowed $40,000 on June 30, 2019 from a bank. The bank is charging an interest rate of 10% annually. Interest is compounded quarterly. If the loan is due on September 30, 2020, how many times will the company record a journal entry for Interest Expense over the whole loan period? Question 6 1 pts A company borrowed money from a bank on September 30, 2019. The bank is charging an annual interest rate of 12%, to be compounded semi-annually. The loan will be repaid on March 31, 2021 in the amount of $71,461, which includes interest of $11,461. How much did the company borrow on September 30, 2019? 1 pts Question 7 A company borrowed money from a bank on September 30, 2019. The bank is charging an annual interest rate of 12%, to be compounded semi-annually. The loan will be repaid on March 31, 2021 in the amount of $71,461, which includes interest of $11,461. How much interest expense is recorded on September 30, 2020? HINT, from the previous question, any amount that we repay that is in excess of the amount borrowed is the interest incurred on the debt; so if we repay $71,461, of which $11,461 is interest, the original amount borrowed on September 30, 2019, must have been $60,000. Question 8 1 pts If the outstanding balance on a loan is $127,308 on January 1, 2019, and on the next interest compounding date, June 30, 2019, the company records interest expense of $3,708, what is the ANNUAL interest rate being charged on this loan? Round up to the nearest whole percentage. Please state your answer as a whole number. So if you get 4%, please state your answer as '4
