Answer:
$5,550
Explanation:
Given:
Principle amount of the loan = $6,000
Duration of the loan = 10 years
Rate of interest = 10.5%
Principle payment made each month = $75
Now,
The total principle amount paid in six months
= Principle payment made each month × 6 months
= $75 × 6
= $450
Now,
the principle amount payment is made on addition to the interest, therefore no interest will be due after 6 months
Hence,
the principle loan balance
= Principle loan amount initially - Total principle paid
= $6,000 - $450
= $5,550
Answer:
$8.31 million and No.
Explanation:
In this question, we have to find out the present value which is shown below:
= $1 + first year value ÷ ( 1 + discount rate) + second year value ÷ ( 1 + discount rate) ^ number of years + third year value ÷ ( 1 + discount rate) ^ number of years
= $1 + $2 million ÷ (1 + 10%) + ($3 million ÷ 1.10)^2 + ($4 million ÷ 1.10)^3
= $1 million + $1.82 million + $2.48 million + $3.01 million
= $8.31 million
No the package would not worth $10 million as its present value is $8.31 million
Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $4,100
Equipment A/c Dr $23,000
Furniture A/c Dr $47,000
To Account payable $16,000
To Rodriguez's Capital $58,100
(Being all adjustments are recorded and the remaining balance is credited to Rodriguez's Capital.
Remaining balance is calculated by
= Cash A/c + Equipment A/c + Furniture A/c - Accounts payable
= $4,100 + $23,000 + $47,000 - $16,000
= $74,100 - $16,000
= $58,100
I think it's a cashier's check...(Don't mark my words)
