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lawyer [7]
3 years ago
10

Edgar accumulated $5,000 in loan debt. If the interest rate is 20% per year and he does not make any payments for 2 years, how m

uch will he owe on this debt in 2 years for quarterly compounding? Round your answer to the nearest cent Do NOT round until you calculate the final answer.
Business
1 answer:
hodyreva [135]3 years ago
3 0

Answer:

Edgar

The amount he will owe on this debt in 2 years for quarterly compounding is:

= $7,387.28

Explanation:

Accumulated loan debt = $5,000

Interest rate per year = 20%

Period of loan = 2 years

Interest compounding = quarterly

From an online financial calculator:

N (# of periods)  8

I/Y (Interest per year)  20

PV (Present Value)  5000

PMT (Periodic Payment)  0

Results

FV = $7,387.28

Total Interest $2,387.28

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Answer:

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Explanation:

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To reverse the previously made entry, we simply debit what is credited and debit what is credited.

a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650

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