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You borrow 1000 from me today and promise to repay a lump

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Reference no: EM13567755

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.

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

Reference no: EM13567755

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