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Home Q & A Board Other Fields Homework Help Business Accounting
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majestico majestico
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6 years ago
Chase Hunford negotiated a $50,000 bank loan for 210 days at a bank rate of 12%. The bank deducted the interest in advance.
Required (show your calculations):
a) Calculate the amount of interest charged by the bank.
b) Calculate the amount of cash Chase received from the bank.
c) Calculate the effective interest rate charged by the bank.
d) Prepare Chase's journal entry for the transaction.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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LaffioLaffio
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6 years ago
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