3. Mala-Prohibita Company has annual credit purchase of P720,000 with a usual term of 3/10, net 35. The company never defaulted in paying its accounts. Assume a 360-day year, determine the simple cost of foregoing the cash discount. (round to 2 decimal places)
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,6003.Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. The company never defaulted in paying its accounts. Assume a 360-day year, determine the simple cost of foregoing the cash discount. (round to 2 decimal places)Lily Corp. Corp. sells on term 2/20, net 40. Total credit sale for the year are P180,000. 40% pays on the 20th day and take discounts while the rest pay on the due date. What is the average amount of accounts receivable? (Use 360-day year) a. 16,000 b. 36,667 c. 26,667 d. 12,000
- A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years. (i) The interest portion of the final payment is 153.86. (ii) The total principal repaid as of time (n − 1) is 6009.12. (iii) The principal repaid in the first payment is Y. Calculate Y. OA. 500 OB. 470 O C. 480 O D. 490 OE. 510Far East Imports Inc. owes $64 000.00 to be repaid by monthly payments of $2475.00. Interest is 6.12% compounded monthly. What is the outstanding principal amount at the end of year 2? Group of answer choices 50300.5449080.1059691.8455312.87Carla Vista Co. receives a $60,400, 6-year note bearing interest of 7% (paid annually) from a customer at a time when the discount rate is 6%.Click here to view the factor table.(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)What is the present value of the note received by Carla Vista? (Round answer to 2 decimal places, e.g. 25.25.)
- Your company has been offered credit terms on its purchases of 4/30, net 90days. What will be the nominal annual cost of trade credit if your companypays on the 35th day after receiving the invoice? (Assume a 365-day year.)a. 30%b. 304%c. 3%d. 87%e. 156%A company received a P 500,000 line of credit from its bank. Some information about the credit line is as follows: Stated interest rate 10% Compensating balance requirement 20% Assuming that the company drew down the entire amount at the beginning of the year, and that the loan is discounted, what is the effective interest rate on the loan?You borrowed S3000 at 9% per annum calculated on the unpaid monthly balance and agreed to repay the principal together with interest in monthly payments of $500 each. Construct a complete repayment schedule. Complete the repayment schedule below. (Round to two decimal places as needed.) Principal repaid Payment Balance Amount Interest Balance number before paid paid after payment payment $3000 1 2 3 4 DODO OOOO
- Please do not use excel format in computation A debt of P25,000 was repaid in ten equal quarterly payments. If the rate of interest was 7% compounded quarterly, what was the size of each payment?Blossom Company purchased merchandise with an invoice price of $3400 and credit terms of 2/8, n/30. Assuming a 360-day year, what is the implied annual interest rate inherent in the credit terms?Currie Company borrowed $24,000 from Sierra Bank by issuing a 9% three-year note. Currie agreed to repay the principal and interest by making annual payments in the amount of $9,481. Based on this information, what is the amount of the interest expense associated with the second payment? (Round your answer to the nearest dollar.) Multiple Choice O O O $9,481 $2,160 $1,405 $1,501