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makkiz [27]
3 years ago
6

Prescott Bank offers you a five-year loan for $75,000 at an annual interest rate of 6.8 percent. What will your annual loan paym

ent be
Business
1 answer:
jasenka [17]3 years ago
3 0

Answer:

$18,193.95

Explanation:

Interest rate = 6.8% = 0.068

Number of years = 5

Capital Recovery Factor = (A/P ,I, N) = (i*((1+i)^N)) / (((1+i)^N) - 1)

Capital Recovery Factor = (A/P,6.8%,5)

Capital Recovery Factor = (0.068* (1.068^5)) / ((1.068^5) - 1)

Capital Recovery Factor = 0.242586

Annual loan payment = $75,000 * Capital Recovery Factor

Annual loan payment = $75,000 * 0.242586

Annual loan payment = $18,193.95

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Dr   Cash     $197,200

Cr Common stock                           $98,600

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Second  issue of shares:

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Cr Common stock                           $37,400

Cr Paid-in capital in excess of par  $48,400

Shareholders equity section:

Common stock ($98,600+$37,400)                $136,000

Paid in capital ($98,600+$48,400)                  $147,000

Retained earnings                                              $7,300

Total shareholders' equity                                 $290,300

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second  issue of shares:

cash proceeds 2,200*$39=$ 85,800.00  

split into    common stock  $17*2200=$ 37,400.00  

                 paid-in capital in excess of par ($85,800-$37,400)= $48,400.00  

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