A debt of $15 000.00 with interest at 9.6% compounded quarterly is to be repaid by equal payments of $2083.10 at the end of every three months for two years. Complete the amortization schedule: Payment # Amount Paid Interest Paid (i = 0.024) Principal Paid Outstanding Balance 0 15000.00 1 2083.10 360 1723.10 13276.90 2 2083.10 318.65 1764.45 11512.45 3 2083.10 276.30 1806.80 9705.65 4 2083.10 5 2083.10 6 2083.10 7 2083.10 8 2083.10 TOTAL Blank 1: Blank 2: Blank 3: Blank 4: Blank 5: Blank 6: Blank 7: Blank 8: Blank 9: Blank 10: Blank 11: Blank 12: Blank 13: Blank 14: Blank 15: Blank 16: Blank 17: Blank 18:

A debt of $15 000.00 with interest at 9.6% compounded quarterly is to be repaid by equal payments of $2083.10 at the end of every three months for two years. Complete the amortization schedule: Payment # Amount Paid Interest Paid (i = 0.024) Principal Paid Outstanding Balance 0 15000.00 1 2083.10 360 1723.10 13276.90 2 2083.10 318.65 1764.45 11512.45 3 2083.10 276.30 1806.80 9705.65 4 2083.10 5 2083.10 6 2083.10 7 2083.10 8 2083.10 TOTAL Blank 1: Blank 2: Blank 3: Blank 4: Blank 5: Blank 6: Blank 7: Blank 8: Blank 9: Blank 10: Blank 11: Blank 12: Blank 13: Blank 14: Blank 15: Blank 16: Blank 17: Blank 18:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 7MC: Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight...

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On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
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