How long will it take to repay the loan

Assignment Help Accounting Basics
Reference no: EM132494230

Question - A $50,000 loan with interest at 8% compound semiannually is being paid off with monthly payments of $400.

Required -

a) How long will it take to repay the loan?

b) How much will the time to repay the loan be reduced if payments are $40 per month larger.

Reference no: EM132494230

Questions Cloud

Prepare the two adjusting entries required on December : Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned
Complete the amortization schedule : How do complete the amortization schedule for 4/1/21 and 10/1/21, using the effective-interest method? What would the adjusting entry for 12/31/21 be
Record depreciation using life on the equipment : Sept. 25 Bills patients $2,070 for services performed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value
Prepare a statement of retained earnings : During 2019, the following transactions affected its stockholders' equity accounts. Prepare a statement of retained earnings for the year ended December
How long will it take to repay the loan : A $50,000 loan with interest at 8% compound semiannually is being paid off with monthly payments of $400. How long will it take to repay the loan
Journalize the adjusting entry at December : If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31
Briefly explain multiple-partition allocation : Briefly explain multiple-partition allocation with example. Also explain Best Fit & First Fit allocation algorithms
Construct an er diagram for a database system : Construct an ER diagram for a database system that models data of the following situation. You are creating a database for a stock trading company
Determining the agile way of working : Increasing number of tcs customers are moving to the agile way of working why is this true statement

Reviews

Write a Review

Accounting Basics Questions & Answers

  Federal revenues may be accounted for

Federal revenues may be accounted for and reported in an unusual manner.

  How should the amount of interest capitalized

How should the amount of interest capitalized be disclosed in the notes to the financial statements?

  Stark company has five employees

Stark Company has five employees. Employees paid by the hour receive a $ 10 per hour pay rate for the regular 40 hour work week plus one and one  half times the hourly rate for each overtime hour beyond the 40 hours per week.

  What is the project year 1 cash flow

The required equipment has a 3-year tax life, after which it will be worthless, and it will be depreciated by the straight-line method over 3 years. Revenues and other operating costs are expected to be constant over the project's 3-year life. Wha..

  Prepare the journal entry to record the impairment loss

The expected future net cash flows from the use of the asset are expected to be $1,037,500. Prepare the journal entry, if any, to record the impairment loss

  Compute the variable cost per unit

Total fixed costs for Taylor Incorporated are $260,000. Total costs, including both fixed and variable, are $400,000 if 139,000 units are produced.

  Discuss about the customer profitability and distribution

Rick Flair, the controller of Best Drugs, wants to use this ABC system to examine individual customer profitability within each distribution market.

  Journalize the entries to record the summarized operations

Goldberg Apparel Company uses a job order cost system. Journalize the entries to record the summarized operations

  Nbspratio calculations fornbspcurrent ratio for plunkett co

nbspratio calculations fornbspcurrent ratio for plunkett co. and for herring coacid test ratio for plunkett co. and for

  Concored manufacturing company uses an activity based

concored manufacturing company uses an activity based costing system sells 20000 units per year of glaxo container at

  What must unit sales be in order for x company

In 2017, total fixed costs were $645,000. What must unit sales be in order for X Company to break even in 2018

  Ldg corporation makes and sells a product called product wz

ldg corporation makes and sells a product called product wz. each unit of product wz requires 2.0 hours of direct labor

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd