Please help, I have been doing 10 of 10 (10 complete) (RE7-25A (similar to) On A

Question

Please help, I have been doing 10 of 10 (10 complete) (RE7-25A (similar to) On April 30,2016, Queen Bank loaned $900,00 to George Auto Repair, Inc. on a one yea,8 percent note. Read the requirements. Requirement 1. Compute the interest for the years ended December 31, 2016 and 2017, on the note. Round interest calcula Start by determining the formula needed to compute interest. Interest rate Principal s Amount of interest Now determine interest for the years ended December 31, 2016 and 2017, on the George Auto Repair note. Interest for 2016:$ 48,000 interest for 2017: 24,000 Requirement 2. Which party has a note receivable: a note payable: c. interest revenue: d. interest expense: Queen Bank George Auto Repair Queen Bank George Auto Repair a. b. Requirement 3. How much in total would MoorgeAuto Repair, Inc, pay the bank i it pays off the note early on November 30, 20167 Total amount paid would be: 932,000 Enter any number in the edit fields and then click Check Answer All parts showing Clear Al esc 20 tab

Explanation / Answer

Calculate amount paid on november 30, 2016

Interest paid = 900000*8%*7/12 = 42000

Loan amount = 900000

Total amount repaid = (900000+42000) = 942000

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