Aaron questions whether there is consideration for his contract with Banquet Hall to exchange his musical performance of country
1 answer:
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Answer:
Annual interest rate = 6%
Explanation:
Amount of loan = $25,000
The total amount repaid:
($7,000 × 3 years) + ($10,000 balloon payment)
= (7,000 × 3) + (10,000)
21,000 + 10,000 = $31,000
Interest on payment = repayed amount - loaned amoun
Interest on payment = 31,000 - 25,000 = $6,000
Let the total percentage on the loaned amount be x
Therefore we are looking for what percentage rate of the loaned amount ($25,000) will give the interest of $6,000
x % of 25,000 = 6,000
Therefore the total percentage interest rate = 24%
Annual interest rate = Total interest rate ÷ number of years
Annual interest rate = 24 ÷ 4 = 6%
∴ Annual interest rate = 6%
Answer:
$594.57
Explanation:
For computing the monthly payment we need to apply the PMT formula i.e to be shown in the attachment below:
Given that,
Present value = $31,000
Future value or Face value = 0
Rate = 5.67% ÷ 12 months = 0.4725
NPER = 5 years × 12 = 60 years
The formula is shown below:
= PMT(RATE;NPER;-PV;FV;type)
The present value come in negative
So, after applying the formula, the monthly payment is $594.57
Answer and explanation:
<em>Check the attached file for a well formatted answer</em>
Headland Company
Pension worksheet 2020-2021
General Entries Memo Record
Items Annual Pension expense Cash OCI- Prior service cost OCI- Gain/Loss
