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1 year ago

13

Bill just financed a used car through his credit union. His loan requires payments of $275 a month for five years. Assuming that

all payments are paid on time, his last payment will pay off the loan in full. What type of loan does bill have?.

1 answer:

sergiy2304 [10]1 year ago

5 0

Answer:

Amortized loan

Explanation:

Hope that helps

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Fred Hash worked for Van Stavern Construction Co. as a field supervisor in charge of constructing a new plant facility. Hash ent

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Answer:

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3 years ago

Use your knowledge of the roles people assume on teams to complete the sentence.

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3 years ago

Read 2 more answers

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C

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3 years ago

On January 1, 2020, Tamarisk Corporation issued $700,000 of 9% bonds, due in 8 years. The bonds were issued for $740,784, and pa

EleoNora [17]

Answer:

Cash 740,783 debit

Bonds payable 700,000 credit

Premium ob BP 40,783 credit

--to record issuance--

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premium on BP 1,868.68 debit

cash 31,500 credit

--to reocrd first interest payment--

Interest expense 29,556.57 debit

premium on BP 1,943.43 debit

interest payable 31,500 credit

--to record accrued interest at year-end on BP--

Explanation:

procceds 740,783

face value <u> 700,000 </u>

premium on bonds payable 40,783

When comparing, the firm received more than the face value hence, there is a premium on the bonds as the coupon payment are above the market rate.

Now, the interest will be calculate as follow:

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second payment accrual:

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amortization 1,943.43

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2 years ago