Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 7. on july 1, 2019, company x borrows $20,000 for

7. On July 1, 2019, Company X borrows $20,000 for 2 years at a simple...

70.2K

Verified Solution

Question

Accounting

7. On July 1, 2019, Company X borrows $20,000 for 2 years at a simple interest rate of 2% per year. What is the total amount of interest to be paid over the life of the loan?

$800

$400

$200

$1,000

8. Company X deposits $200,000 in a bank account for 10 years. Interest is 12% compounded quarterly. What is the value of the deposit at the end of the ten year period?

$61,312

$621,170

$652,408

$64,394

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A volcano wipes outan entire populationof lizards. This is anexample ofA. the Founder Effect.B. a...

Biology
Q

38 Ac v Find the PD across R 38 Find the impedance of the given...

Physics
Q

The equation for an alternating current is given by i 77 sin 314t Find the...

Physics
Q

is the profit or income generated by savings and investing O Return O Yield O...

Basic Math
Q

The distribution of heights of both five-year old boys and seven-year old boys is approximately...

Basic Math
Q

GeometryDetermine each of the following for the functiony= 6 cos(5(x +45)) 3. Justify your...

Algebra
Q

2e) Calculate the Materials Usage Variance and explain it in as much detail as...

Accounting
Q

Purchase-Related Transactions A retailer is considering the purchase of 250 units of a specific item...

Accounting
Q

Which of the following statements is false? Multiple Choice Recognized income is realized...

Accounting
Q

McDermott Company's bank statement for September 30 showed an ending cash balance of $1,448. The...

Accounting
Q

A necessary condition to use the equity method of reporting for an equity investment is...

Accounting
Q

8. A company issued 10%, 5-year bonds with a par value of $300,000. The market...

Accounting