Airline accessories obtains a $100,000, three-year loan, at 6% interest, with monthly payments of $3,042. What amount would be recorded as interest expense in the second month?.

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04-11-2022
Business

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Airline accessories obtains a $100,000, three-year loan, at 6% interest, with monthly payments of $3,042. What amount would be recorded as interest expense in the second month?.

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contexto1026 contexto1026 · Answer 1 · 2022-11-07T11:29:38-05:00

Airline accessories obtain a $100,000, three-year loan, at 6% interest, with monthly payments of $3,042. The amount to be recorded as interest expense in the second month is $500.

Intrest Expense Calculated=($100000X6%)/12= $500

Compound interest edges investors. However, the means of investors are often quite broad. Banks, for example, enjoy interest after they lend cash and reinvest the interest they receive into giving out extra loans. Depositors enjoy interest after receiving interest on their bank accounts, bonds, or different investments.

Term bonds need payments in installments over a series of years. Serial bonds need payment of the total principal quantity of the bond at one date. A due bond permits the receiver to repay the bonds before their regular date at such a decision value.

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