The Company has a loan due to the bank that requires monthly payments of interest based on

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The Company has a loan due to the bank that requires monthly payments of interest based on a 360 day calendar year.

Please answer the following questions:

Debt Balance at September 1st: $2,000,000

Annual Cash Interest Rate: 9.00% (compounded on a monthly basis)

Annual Paid-In-Kind Interest Rate: 2.00% (compounded and added to principle on a monthly basis)

What are the correct journal entries to record for September and October?

How much cash interest will the Company be required to pay for September and October?

Related Book For answer-question

Employment Law for Human Resource Practice

ISBN: 978-1111972196

4th edition

Authors: David J. Walsh

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Posted Date: Jun 19, 2021 12:47 AM

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The Company has a loan due to the bank that requires monthly payments of interest based on

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Slutin Given Debt Blne t Setember 1st 2000000 nnul sh Interest Rte 900 munded n mnthly bsis ... View the full answer

Employment Law for Human Resource Practice

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