A man's bank has offered him a loan of $20000 payable within the year at an annual interest rate of 24%. Calculate the monthly equal payment to defray both the principal and interest payment. Prepare a loan repayment schedule segregating interest from the principal.
You need to borrow $20,000 to buy a car. You can only afford to make monthly payments of $200. The bank offers 3 choices: 3-year loan at 5%, 4-year loan at 6%, and a 5-year loan at 7%. a) What’s the monthly payment for each
Assume a bank loan requires a interest payment of $85 per year and a principal payment of $1,000 at the end of the loan's eight-year life. a) How much could this loan be sold for to another bank if loans of similar quality carried
4) Jim has been offered a substantial cash discount if he pays an invoice 60 days earlier. One bank will loan him the needed money at 11% simple interest rate. A second bank will also loan him the money, but at bank discount rate.
You need $200,000 to buy a new home. The bank offers a choice of a 30-year loan at an APR of 8% or a 15-year loan at 7.5%. Assume the closing costs are the same for both loans. a) Compare the monthly payments for these two loan
December Interest on a bank loan is due on January 2nd of the following year: accrue $1,000. How do u record interest expense and interest payable on a journal ledger? Would you record interest expense on the debit side and
Which of the following scenarios would be most likely to cause a small bank to be less willing to loan money to small businesses in a community? If the bank cannot sell the loan to some other bank. If the bank cannot make profit
Iron's paper Company, whose fiscal year ends December 31, completed the following transactions involving notes payable: Nov. 25 Purchased a new loading cart by issuing a 60day, 10% not for $43,200 Dec. 16 Borrowed $50,000 from the
Create an amortization schedule to calculate your monthly payments on a car and show the loan balance over time with visual logic? Must include assignment statements, IF statement, loop, array. amount= 20000 interest rate= 2% Pay