Determine the interest accrued and the new balance on July 1st. 2013, knowing that it is...
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Determine the interest accrued and the new balance on July 1st. 2013, knowing that it is a bearing current account with quarterly interest payments that are paid at an annual 6% in Simple Interest Rate. value date 25/01/2013 31/03/2013 1/4/2013 2/4/2013 20/04/2013 concept initial deposit start balance withdrawl deposit amount 400000.00 404339.73 -50000.00 100000.00 Determine the interest accrued and the new balance on July 1st. 2013, knowing that it is a bearing current account with quarterly interest payments that are paid at an annual 6% in Simple Interest Rate. value date 25/01/2013 31/03/2013 1/4/2013 2/4/2013 20/04/2013 concept initial deposit start balance withdrawl deposit amount 400000.00 404339.73 -50000.00 100000.00
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Answer rating: 100% (QA)
First we must calculate the interest accrued for each period in which the balance was unchanged and then sum up the interest amounts to determine the ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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