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2 years ago

If $1,000 was deposited today at a rate of 15%, its future value in one year would be

Business

1 answer:

aleksley [76]2 years ago

6 0

Answer:

$1,150.

Explanation:

First, we find what that 15% is by setting an equation:

$\frac{15}{100} \times \frac{1000}{1}$

This gives us: $150

Now, we just add that to the deposited money.

$1000 + $150 = $1,150

Hope this helps!

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On December 31, 2020, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing f

Setler79 [48]

a) Since the debt modification is <u>substantial</u>, more than 10%, the gain to be recorded by Barkley Company, $600,000, will be equal to the loss recorded by American Bank under the debt restructuring.

b) Barkley Company can record a Profit under the term modification above because it is a <u>substantial</u> debt modification, with a gain of $600,000, which is 20% of the original debt.

c. The preparation of the Interest Payment Schedule is as follows:

Period PV PMT Interest FV

1 $2,400,000.00 $621,565.76 $34,262.40 $1,812,696.64

2 $1,812,696.64 $621,565.76 $25,878.06 $1,217,008.93

3 $1,217,008.93 $621,565.76 $17,374.02 $612,817.19

4 $612,817.19 $621,565.76 $8,748.58 $0.00

<h3>What is a debt modification?</h3>

A debt modification is the restructuring of debt to enable the debtor experiencing financial difficulties to regain the financial muscle to settle the restructured debt.

Debt modification can affect the following debt terms:

The amounts
Timing of interest payments
Timing of principal repayment
Rate of interest.

<h3>Data and Calculations:</h3>

12% Note Payable = $3,000,000

Revised 10% Note Payable = $2,400,000

Gain on Debt Modification = $600,00

Extended Maturity Period = 4 years

Learn more about debt modifications at brainly.com/question/1490221

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