Carla Vista Electronics issues a $353,500, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,441. Payments are due on December 31. Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date $enter a dollar amount 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount enter a dollar amount 2 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 3 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 4 enter a dollar amount
Carla Vista Electronics issues a $353,500, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,441. Payments are due on December 31. Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date $enter a dollar amount 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount enter a dollar amount 2 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 3 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 4 enter a dollar amount
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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Question
Carla Vista Electronics issues a $353,500, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,441. Payments are due on December 31.
Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.)
|
Annual Interest Period
|
Cash Payment
|
Interest Expense
|
Reduction of Principal
|
Principal Balance
|
||||
|---|---|---|---|---|---|---|---|---|
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Issue Date
|
$enter a dollar amount
|
|||||||
| 1 |
$enter a dollar amount
|
$enter a dollar amount
|
$enter a dollar amount
|
enter a dollar amount
|
||||
| 2 |
enter a dollar amount
|
enter a dollar amount
|
enter a dollar amount
|
enter a dollar amount
|
||||
| 3 |
enter a dollar amount
|
enter a dollar amount
|
enter a dollar amount
|
enter a dollar amount
|
||||
| 4 |
enter a dollar amount
|
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