8.3 A nominal interest rate of \( 7,2 \% \) per annum is quoted. The interest is compounded monthly.

Warner Company's year-end unadjusted trial balance shows accounts receivable of \( \$ 111,000 \), allowance for doubtful accounts of \( \$ 720 \) (credit), and sales of \( \$ 400,000 \). Uncollectibles are estimated to be \( 1.50 \% \) of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. 2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end

After 2 years Maggie paid \( \$ 75 \) interest on a loan that had a \( 6 \% \) simple interest rate. How much did she borrow?

Record estimated bad debts assuming that Allowance for Doubtful Accounts has a \$1,600 credit balance.

Consider a credit card with a balance of \( \$ 9000 \) and an APR of \( 16.5 \% \). If you want to make monthly payments in order to pay off the balance in 3 years, what is the total amount you will pay? Round your answer to the nearest cent, If necessary.

than is looking to take out a mortgage or \( \$ 620,000 \) from a bank offering an nnual interest rate of \( 4.5 \% \), ompounded monthly. Using the formula elow, determine his monthly payment, o the nearest dollar, if the loan is taken ver 25 years. \[ M=\frac{P r}{1-(1+r)^{-n}} \]