Answer: a. $53500
b. A. The loan officer should offer the company an add-on interest loan because there is a high risk that the company will not be able to repay the principal on the loan at the end of the project's life.
Explanation:
a. Based on a 360-day year, the monthly payment for each loan for November will be:
Principal = $600,000
Interest rate = 10%
Simple interest = (P×R×T)/100
= (600000 × 10× 1) /100
= $60000
The simple interest per month which will also be thesame for Novemeber will be:
= 60000/12
= $5000
Since add on interest is 7%, then the interest will be:
= 7% × $600,000
= 0.07 × $600,000
= $42000
Therefore, the interest for month of November will be:
=(600000 +42000)/12
= $642000 / 12
= $53500
b. The answer that best evaluates the statement given is option B. It should be noted that since it's a startup company, there may be challenges in repaying the loan. Therefore, the best scenario will be that the loan should be given on add on interest basis.
Answer:
Given that,
Flounder Inc. issued convertible bonds = $2,840,000 par value
Interest rate = 7%
Sold for cash = $97
If the bonds had not included the conversion feature, then
Sold for = $95
Therefore, the journal entry is as follows:
Cash A/c ($2,840,000 * 0.97) Dr. $2,754,800
Discount on issue of Bond A/c Dr. $85,200
To 7% Convertible Bonds payable $2,840,000
The correct answer is the routing number, checking account number and check number.
There are three items found on the MICR line of a check. These items are the bank routing number (also called the ABA number), the checking account number and the check number. This is also the order that these numbers are found on a personal check.
Answer: sorry hvfhbhdbhdbhb
Explanation:
