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Contact [7]
3 years ago
14

g On July 1, Alton Co. issued an $60,500, 10%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends

July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar.
Business
1 answer:
irakobra [83]3 years ago
8 0

Answer:

The interest expense is $521  

Explanation:

The amount of interest expense for the fiscal year is the interest expense of 31 days which ,in other words the interest incurred only in the month of July ,calculated thus:

interest expense=days in the month/360days*interest rate*loan amount

interest expense=31/360*10%*$60,500=$ 521  

The interest expense for the current fiscal year rounded to the nearest dollar amount is $ 521  

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assume that the price of a $1,000 zero-coupon bond with five years to maturity is $567 when the required rate of return is 12 pe
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The price elasticity of the bond, based on the years to maturity and the required rate of return is -0.494

<h3>How to find the price elasticity of he bond?</h3><h3 />

First, find the new price of the bond:
= 1, 000 / ( 1 + 15%)⁵

= $497

The change in price:

= (497 - 567) / 567

= -12.3%

Then find the percentage change in the required rate of return:

= (15 - 12%) / 12

= 25%

The price elasticity of the bond is:

= -12.3% / 25%

= -0.494

Find out more on price elasticity at brainly.com/question/5078326

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