Answer:
Explanation:
Amount of interest need to paid is 30 day month
= 10000×(1.075)×30/360 = 60.42
Simple interest formula is
Interest for year is = 10000×7.5% = 750
Per month is = 750×30/360 = 60.42
Answer:
Interest Expenses $35,640, Interest payable $35,640
Explanation:
Notes payable = $594,000
Months passed till September = 9
Interest on notes accrued for 9 months = (594,000*8%*9/12) = $35,640
Adjusting Entry
Journal Entry Debit Credit
Interest Expenses $35,640
Interest payable $35,640
Answer:
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Explanation:
Answer: c. $81,202
Explanation:
The inflow will be annual and constant which makes it an annuity. Given the discount rate of 12% and a useful life of 8 years, the present value interest discount factor based on the table is = 4.968.
Option 1 present value
= 48,410 * 4.968
= $240,500.88
Option 2 present value
= 50,427 * 4.968
= $250,521.34
Option 3 present value
= 81,202 * 4.968
= $403,412
Option 3 is the closest option with the difference being down to rounding errors. The annual inflow would have to be $81,202 to make the investment in the equipment financially attractive.