What is the yearly effective interest rate of return, Accounting Basics

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What is the yearly effective interest rate of return

You borrow $1,000 from me today and promise to repay a lump sum of $1,000 to me at the end of 3 years AND pay interest on this balance at a 10% rate at the end of each of the next 3 years.

Prepare the j/e made today for the loan
Prepare the journal entry made at the end of 3 years for the repayment of the loan
Prepare the journal entry that would be made at the end of each of the next 3 years for the interest payment.
What is the yearly effective interest rate of return I earned by lending you this money?

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Accounting Basics: What is the yearly effective interest rate of return

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Recent Questions Asked Accounting Basics

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Accounting Basics: What is the yearly effective interest rate of return

Reference No:- TGS0672595

Recent Questions Asked Accounting Basics

Q : Explain interest earned that not been paid or received

Q : The company policy is to sell marketable securities

Q : What is the appropriate amount to borrow

Q : Average cost per kilometre

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