CM company borrowed 2000000 from a bank on june 30 2015. the loan has an annual interest rate of 10% and the principal is payable at the end of every quarter amounting to 25000. the first quarterly payment will be on september 30, 2015. prepare an amortization schedule for 2015 until the loan is fully paid on june 30, 2017. how much interest expense is incurred in 2015 and 2016 with respect to this loan?
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CM company borrowed 2000000 from a bank on june 30 2015. the loan has an annual interest rate of 10% and the principal is payable at the end of every quarter amounting to 25000. the first quarterly payment will be on september 30, 2015. prepare an amortization schedule for 2015 until the loan is fully paid on june 30, 2017. how much interest expense is incurred in 2015 and 2016 with respect to this loan?
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- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)B. ESD Company borrowed 5 million pesos from a bank on September 30, 2015. The loan principal is payable every six months starting march 31, 2016 at the rate of 1,000,000. The loan has an annual interest rate of 10%. Determine the interest cxpense related to this loan in 2015, 2016,2017 and 2018.
- 1. CM Company borrowed Php2 000 000 from a bank on June 30, 2015. The loan has an annual interest rate of 10% and the principal is payable at the end of every quarter amounting to Php250 000. The first quarterly payment will be on September 30, 2015. Prepare an amortization schedule for 2015 until the loan is fully paid on June 30, 2017.How much interest expense is incurred in 2015, 2016 and 2017 with respect to this loan? Page 4 of 6 2. ESD borrowed Php5 million from a bank on September 30, 2015. The loan principal is payable every six months starting March 31, 2016 at the rate of Php1 000 000. The loan has an annual interest rate of 10%. Determine the interest expense related to this loan in 2015, 2016, 2017, and 2018.On December 31, 2016, Rocky Bank has a loan receivable of P4,000,000 from a borrower that it's carrying is at face value and is due on December 31, 2022. Interest on the loan is payable at 9% each December 31. The borrower paid the interest due on December 31, 2016 but informed the bank that it would probably miss the next two years' interest payments. After that, the borrower is expected to resume the annual interest payment but it would make the principal payment one year late, with interest paid for that additional year at the time of principal payment. Round off present value factors up to three decimal points. What is the impairment loss for 2016?Philippine Bank granted a loan to a borrower on January 1, 2017. The interest on the loan is 8% payable anually starting December 31, 2017. The loan matures in three years on December 31, 2019. Principal amount 3,000,000 Origination fee charged against the borrower 100,000 Direct origination cost incurred 260,300 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. 3. What is the carrying amount of the loan receivable on December 31, 2017? a. 3,000,000 b. 3,160,300 c. 3,109,918 d. 3,210,682 4. What is the interest income for 2018? a. 240,000 b. 180,000 c. 248,793 d. 186,595
- What lump-sum amount of interest will be paid on a $10,000 loan that was made on August 1, 2012, and repaid on November 1, 2016, with ordinary simple interest at 10% per year?How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000A Loan amounting to PHP150,000 was secred dated, January 1, 2016. the loan will be paid by means of 12 equal payments to be made at the end of each month, with the first payment due on january 31, 2016. The interest rate is 12% compounded monthly. Construct a table showing the amortization of the loan.
- How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000 O 90,000 O 96,836 O 120,000 O 129,115 O Answer not givenUsing the exact method, how much money will be required on July 6, 2016, to repay a loan of $5000 made on September 6, 2007, if interest on the loan is earned at 8.5%/year compounded quarterly?Solid Bank loaned P5,000,000 to a borrower on January 1, 2018. The terms of the loan require principal payments of P1,000,000 each year for 5 years plus interest at 8%. The first principal and interest payment are due on January 1, 2019. The borrower made the required payments during 2019 and to 2020. However, during 2020 the borrower began to experience financial difficulties, requiring the bank to reassess the collectability of the loan. vnGomo) au9 Vd bonsbneu 6w lodio 69y tne ert On December 31, 2020, the bank has determined that the remaining principal payment will be collected as originally scheduled but the collection of the interest is unlikely. The bank did not accrue the interest on December 31, 2020.o 82 o1 1supe b6dblori e beniste16 bns PE to est s bs261obstert Present value of 1 at 8%vs beidpiew s no belugmo j2oi bap ab obsi snl.noitibe nl For one period For two periods For three periods 0.926 avsb D21o glnevis91 2nu6 Sonitotisteri mort bovia 0.857 ini rdabo to inuoms ei…