Use the amortization table to determine how much of the 5th payment is interest. Click the icon to view the amortization table. The interest amount of the 5th payment is $. (Type an integer or a decimal.) Amortization Table Payment Number 0 1 2 3 4 5 6 7 8 9 10 11 12 Amount of Payment $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 Amortization Table $301.23 $301.23 $301.26 Print Interest for Period $17.50 $16.08 $14.66 $13.22 $11.78 $10.34 $8.88 $7.42 $5.95 $4.47 $2.99 $1.50 Portion to Principal $283.73 $285.15 $286.57 $288.01 $289.45 $290.89 $292.35 $293.81 $295.28 $296.76 $298.24 $299.76 Done Principal at End of Period $3500.00 $3216.27 $2931.12 $2644.55 $2356.54 $2067.09 $1776.20 $1483.85 $1190.04 $894.76 $598.00 $299.76 $0.00 (X)
Use the amortization table to determine how much of the 5th payment is interest. Click the icon to view the amortization table. The interest amount of the 5th payment is $. (Type an integer or a decimal.) Amortization Table Payment Number 0 1 2 3 4 5 6 7 8 9 10 11 12 Amount of Payment $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 $301.23 Amortization Table $301.23 $301.23 $301.26 Print Interest for Period $17.50 $16.08 $14.66 $13.22 $11.78 $10.34 $8.88 $7.42 $5.95 $4.47 $2.99 $1.50 Portion to Principal $283.73 $285.15 $286.57 $288.01 $289.45 $290.89 $292.35 $293.81 $295.28 $296.76 $298.24 $299.76 Done Principal at End of Period $3500.00 $3216.27 $2931.12 $2644.55 $2356.54 $2067.09 $1776.20 $1483.85 $1190.04 $894.76 $598.00 $299.76 $0.00 (X)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Use the amortization table to determine how much of the 5th payment is interest.
Click the icon to view the amortization table.
The interest amount of the 5th payment is $
(Type an integer or a decimal.)
Amortization Table
Payment
Number
0
1
2
3
4
5
6
7
8
9
10
11
12
Amount of
Payment
$301.23
$301.23
$301.23
$301.23
$301.23
$301.23
$301.23
$301.23
$301.23
$301.23
$301.23
$301.26
Amortization Table
Interest
for Period
Print
$17.50
$16.08
$14.66
$13.22
$11.78
$10.34
$8.88
$7.42
$5.95
$4.47
$2.99
$1.50
Portion to
Principal
$283.73
$285.15
$286.57
$288.01
$289.45
$290.89
$292.35
$293.81
$295.28
$296.76
$298.24
$299.76
Done
Principal at
End of Period
$3500.00
$3216.27
$2931.12
$2644.55
$2356.54
$2067.09
$1776.20
$1483.85
$1190.04
$894.76
$598.00
$299.76
$0.00
✔
Expert Solution
Step 1
STEP 1
A loan's or an intangible asset's book value can be periodically reduced over a certain period of time by using the accounting practice known as amortization. Amortization of a loan concentrates on extending loan payments over time. Amortization is analogous to depreciation when it comes to an asset.
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