ars. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 4th, 5th, and 6th term payments is presented in the table below. What would be the outstanding balance after the 7th term payment? 4th 1

ars. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 4th, 5th, and 6th term payments is presented in the table below. What would be the outstanding balance after the 7th term payment? 4th 1

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Suppose you are in a hurry to get your income tax refund. If you mail your tax return, you will receive your refund in 3 weeks. If you file the return electronically through a tax service, you can get the estimated refund tomorrow. The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. What is the APR (annual percentage rate) with weekly compounding? What is the EAR (effective annual percentage rate)? How large does the refund have to be for the APR to be 15%? .A bond with a 7% annual coupon and 10 years to maturity has YTM=9 %p.a. What is the bond price today, if its par (face) value is $1,000? . A bank agrees to lend you $3,000 today in return for your promise to pay back $5,287 5 years from today. What rate of interest is the bank charging you?
Let's assume you borrowed $2000 from Wells Fargo Bank on July 1. The annual Percentage Rate is 5%. The term is 2 years. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 13th, 14th, and 15th term payments is presented in the table below. What would be the outstanding balance after the 16th term payment? 13th 625.50 14th 540.36 15th 454.87 Group of answer choices 369.03 324.54 389.05 295.63
Let's assume you borrowed $2000 from Wells Fargo Bank on July 1. The annual Percentage Rate is 5%. The term is 2 years. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. What would be an outstanding balance after you made the September payment? About $1539 About $1358 About $1253 About $1347 None of the above
Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest rate was 8% compounded annually. 1. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook E, calculate the factor. 2. Next, determine the annual payment amount. 3. Then, determine the interest portion of the payment for year 1. 4. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.
Joy had a tax refund of 733.43 due. She was able to get her tax refund immediately by paying a finance charge of 43.08 What simple interest rate is Joy paying for this loan assuming the following are true? Assume 360 days in a year. a) The tax refund check would be available in 5 days. b) The tax refund check would be available in 10 days. c) The tax refund check would be available in 20 days.
Zetix borrowed $20,000 on a one-year, 10 percent note payable from the local bank on March 1. Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. Calculate the amount of cash payments Zetix was required to make in each of the two calendar years that were affected by the note payable assuming accounting period ends on Dec. 31 each year.
Quinn opened an account with an initial deposit of $2500. At the end of the 2nd and 8th years, he deposited $3000 and $5050, respectively while at the end of the 5th year, withdrew $3000. The account earned 2% nominal annual interest compounded semiannually for the first 3 years, 3% annual effective rate of discount for the next 2 years, and 3.5% annual effective interest rate for the remaining time. How much will Quinn have in his account at the end of the 12th year? and determine Quinns average annual rate of return for the 12-year period.
Tom took out a $20,000 loan for 146 days and was charged simple interest. The total interest he paid on the loan was $488. As a percentage, what was the annual interest rate of Tom's loan? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas.
An accountant purchases a T-bill with a face value of $5,000 for $4,975. If the term of the T-bill is 115 days, what is the annual simple interest rate (in percent) earned by the client? Round to the nearest tenth of a percent. (Use 360 days in 1 year.)
Mr. A. borrowed $ 10,000 at interest on the loan at 6% per annum, payable over 4 years. The debt is amortized for 4 payments of the same amount at the end of each year. 1). Compute the annual payment of the same amount at the end of each year that Mr. A. 2). Make a debt repayment schedule.
Halep Inc. borrowed $34,059 from Davis Bank and signed a 2-year note payable stating the interest rate was 8% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, calculate the factor. Next, determine the annual payment amount. Then, determine the interest portion of the payment for year 1. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.
On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance. He gave his uncle six cheques for $120.00 dated the 8th of each of the next six months starting June 8 and a cheque dated December 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number 0 May 8 1 June 8 Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment $780.00 $780.00 $120.00 2 July 8 $120.00 3 Aug. 8 $ $120.00 $ 4 Sept. 8 $120.00 5 Oct. 8 $120.00 6 Nov. 8 $120.00 $4 7 Dec. 8 $0.00 Totals: