Answer:
$22,897.74
Explanation:
Given:
Loan amount (P) = $22,000
rate (R) = 8% = 8/100=0.08/365 = 0.000219178082
Number of days(n) = 6 month = (6 x 365)/12 = 182.5
Total Amount = ?
Therefore, he have to pay $22,897.74 to the bank.
Brief Exercise 12-1 Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $27,000 cash, an
1 answer:
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Answer:
option (D) loss, $3,000
Explanation:
Given:
price of the truck = $48,000
estimated residual value = $8,000
Exchange price of the truck = $60,000
Trade allowance = $35,000
Since, straight line depreciation is given, thus,
Total depreciation =
or
Total depreciation = $5,000 per year
Therefore,
the book value after two years
= Price of truck - total depreciation in two years
or
= $48,000 − ($5,000 × 2 years)
= $38,000
Now,
a trade allowance received ( i.e $35,000 ) is less than the book value
therefore a loss is recorded
The amount of loss = (Book value - trade allowance received)
or
The amount of loss = $38,000 - $35,000 = $3,000
Hence, correct answer is option (D) loss, $3,000
