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- P1 and P2 have a default setting of 1.00, meaning only the first payment is analyzed. Scroll down to the balance after the first payment, amount paid toward principal, and amount paid toward interest. BAL = $443,963.80 PRN = $56,036.20 INT = $40,000.00 To examine the last payment, change P1 and P2 to 7 and review the amortization output: What is the remaining balance? How much of the final payment goes toward repaying principal? How much of the final payment goes toward paying interest?r. Principal s refers to the amount of money borrowed or invested on the origin 4. refers to the amount of time in years the money is borrowed or ted. 5. Dme term MOHurity value 6. Futuie value refers to the amount after t years that the lender receives from orrower on the maturity date. efers to the amount paid or earned for the use of the money. 7. Inferest FOMPLETION: Complete the table by finding the unknowns. IMPLE INTEREST Maturity Value (F) Principal (P) Rate (r) Time (t) Interest (I) 10, 000 1002.5% nonl year 3, 500 20, 000 2 years 10,000 30, 000 30, 000 20% 3 years 48, 000 40, 000 15% 24, 000 64, 000 10% 6 months 2, 500 52, 500Complete the table for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid Interest Paid Principal Repaid Outstanding Principal Balance 30 31 32 $0 Total Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.) Interest Paid = S (Do not round until the final answer. Then round to the nearest cent as needed.)
- 1 ______________is the average number of days between the dates that credit sales were made, and the dates that the money was received/collected from the customers. a. Average collection period b. None of the given option c. Average payment period d. Maturity dateMULTIPLE CHOICE 1. These represent open accounts with customers. a. Trade receivables b. Nontrade receivables c. Accounts receivable d. Notes receivables 2. Upon initial recognition, accounts receivable are measured at а. Face value b. Discounted value c. Maturity value d. Net realizable value 3. Trade receivables that are expected to be collected within 12 months after the reporting period shall be presented in the statement of financial position at a. Net realizable value b. Maturity amounts c. Face amounts d. Discounted values 4. Receivables denominated in a foreign currency should be a. Translated to local currency using the exchange rate at the time of recognition b. Shown at face value of the foreign currency c. Translated to local currency using the exchange rate at closing rate d. Translated to local currency using the exchange rate when the financial statements are authorized for issue 5. Which valuation allowance is a proper deduction from trade accounts receivable in…1. Construct a partial amortization schedule showing the last 2 payments. PMT Setting N I/Y P/Y C/Y PV PMT FV Payment NumberPaymentInterest PaidPrincipal RepaidOutstanding Principal 2. Determine the total amount paid to settle the loan. Show work, not just the answer. 3. Determine the total principal repaid. 4. Determine the total amount of interest paid. Show work, not just the answer.
- In cell D7, enter a formula without using a function that multiples the Monthly_Payment (cell D6) by the Term_in_Months (cell D5) and then subtracts the Loan_Amount (cell B8) from the result to determine the total interest. In cell D8, enter a formula without using a function that adds the Price (cell B6) to the Total_Interest (cell D7) to determine the total cost.To calculate the withdrawal amount from an account in which you want to maintain a static balance, you use the __________________ formula. Group of answer choices Installment Payment Simple Interest Annuity Compound InterestConsider the following amortization schedule: Payment #| Payment Interest Debt Payment Balance 1 966.45 750.00 216.45 149, 783.55 2 966.45 748.92 217.53 149, 566.02 3 966.45 With the exception of column one, all amounts are in dollars. Calculate z. Give your answer in dollars to the nearest dollar. Do not include commas or the dollar sign in your answer.
- Match each definition with its correct term: Amounts owed by customers on account. [ Choose ] The analysis of customer balances by the length of time they have been unpaid. [ Choose ] A method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period. [ Choose ] An expense account to record uncollectible [ Choose ] receivables. The net amount a company expects to [ Choose ] receive in cash. A method of accounting for bad debts that involves expensing accounts at the time they [ Choose ] are determined to be uncollectible. A note that is not paid in full at maturity. [ Choose ] The party in a promissory note who is making [ Choose ] the promise to pay. Written promise (as evidenced by a formal [ Choose ] instrument) for amounts to be received. Various forms of nontrade receivables, such [ Choose ] as interest receivable and income taxes refundable. The party to whom payment of a promissory [ Choose ] note is to be made. Management estimates…A design studio received a loan of $9,400 at 5.90% compounded monthly to purchase a camera. If they settled the loan in 2 years by making monthly payments, construct the amortization schedule for the loan and answer the following questions. a. What was the payment size? Round to the nearest cent K SUBMIT QUESTION SAVE PROGRESS SUBMIT ASSIGNMENT 12°C Partly sunny ENG 10:03 8/5/2Answer the following questions correctly and show your Complete Solution. a. 3 1/5% is equivalent to b. Find the actual time and approximate time from October 5, 2020 to June 30, 2021 c. Which of the following are NOT true?I. Principal is the money given or paid invested in the origin dateII. Origin date is a date on which money is paid by the borrower.III. Interest is an amount or earned for the use of the moneyIV. Simple Interest is an interest that is computed on the principal and then added to it.
