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Whitepunk [10]
3 years ago
15

A person borrows $100,000 from the bank for 6 months at an annual simple interest rate of 5%, what steps do you take to determin

e how much principal and interest are due at the end of the 6 months to determine how much he/she needs to pay to the bank? Please describe how you would solve.
Business
1 answer:
Readme [11.4K]3 years ago
8 0

Answer:

$100,000 and $2,500

Explanation:

The computation of the principal and the interest due at the end of the 6 months is shown below:

As we know that

Simple interest is

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $100,000 × 5% × (6 months ÷ 12 months)  

= $2,500

The total amount would she paid is

= Principal + interest

= $100,000 + $2,500

= $102,500

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Answer:

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Explanation:

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I hope my answer helps you

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Goofy Inc. had accounts receivable of $200,000 and an allowance for uncollectible accounts of $8,500 just before writing off as
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The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
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