A borrower has two alternatives for a loan: $\left(\text{1}\right)$ issue a $240,000, 60-day, 8$\left(2\right)$issue a$240,000, 60-day note that the creditor discounts at 8%.

a. Calculate the amount of the interest expense for each option.

On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $480.

Instructions

(a) Determine the amount borrowed by Criqui.

(b) Assume the amount borrowed was$18,500. What was the interest rate if the amount of interest owed was $555?

(c) Prepare the entry for the initial borrowing and the repayment for the facts in part (a).

Revise each of the following sentences to correct double negatives. First, cross out the words that need to be changed. Then, write the revision above them.

Example 1. The winners $\overset{\textit{\color{#c34632}{can}}}{\sout{\text{can't}}}$ hardly wait for the presentation of the awards.

I thought I had a red pencil, but I couldn’t find none.

Franklin Corporation purchased merchandise inventory with a 12%, 90-day note payable for $12,000. The company uses the perpetual inventory system. What is the journal entry to record payment of the note on the due date? (Round interest to the nearest dollar and assume a 360-day year.)

Show that the geometric series $\sum_{k=0}^{\infty} a r^k$ diverges when

a. $r=1$ [Hint: Note that the $n$th partial sum is $\left.S_n=n a.\right]$

b. $r=-1$ [Hint: Note that the nth partial sum is $S_n=0$ if $n$ is odd or $S_n=a$ if $n$ is even.]

For the underlined section, choose the revision that most improves the writing. Young people today may believe that peace is something hippies talked about in the 1960s. Perhaps $\underline{\text{some people believes}}$ peace is a worn-out idea; maybe they find it embarrassing. A. some peoples believe B. some peoples believes C. some people believe D. Correct as is

Note that Melville subtitled his poem “A Requiem.” How does that affect your interpretation of the poem?

Explain the meaning of the word below, and then note how the root "finis" relates to the meaning of one.

final

Use a calculator to note a four-decimal-place approximation of each number.

$$20^{1 / 5}$$

Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate (credit risk) has declined; the fair value of the note payable is now$17,500. (a) Determine the unrealized holding gain or loss on the note. (b) Prepare the entry to record any unrealized holding gain or loss.

Show that the geometric series $\sum_{k=0}^{\infty} a r^{k}$ diverges when a. r = 1 [Hint: Note that the nth partial sum is $S_n = na.]$ b. r = -1 [Hint: Note that the nth partial sum is $S_n = 0$ if n is odd or $S_n = a$ if n is even.]

(a) Note one simile and one metaphor in "A Voice."

(b) Interpret: Explain the action each example describes.

Solve the application problem.

Mike Fagan needs $25,000 to expand his flower shop. Find the face value of a simple discount note that will provide the$25,000 in proceeds if he plans to repay the note in 240 days and the bank charges a 9% discount rate.

Note at least two examples from Mary Chesnut's diaries that indicate her dislike for the war.