Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
Bartleby Related Questions Icon

Related questions

Question
Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,128.11.
(1)
Date
(2)
Cash Paid
11/1/2024
11/30/2024
$1,128.11
12/31/2024
1,128.11
10/31/2027
1,128.11
(3)
Interest Expense
Carrying Value x
Interest Rate
$240.00
234.08
(4)
Decrease in
Carrying Value
(2) (3)
$888.11
894.03
7.47
1,120.64
(5)
Carrying Value
Prior Carrying Value
(4)
$36,000.00
35,111.89
34,217.86
0
1. What is the principal amount of the note?
2. What is the total number of monthly payments?
3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.)
4. What is the total amount of interest paid over the entire period of the note? (Do not round your intermediate calculations. Roun
your answer to 2 decimal places.)
5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
1. Principal amount
2. Total number of monthly payments
3. Total cash paid
4. Total amount of interest paid
5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
expand button
Transcribed Image Text:Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,128.11. (1) Date (2) Cash Paid 11/1/2024 11/30/2024 $1,128.11 12/31/2024 1,128.11 10/31/2027 1,128.11 (3) Interest Expense Carrying Value x Interest Rate $240.00 234.08 (4) Decrease in Carrying Value (2) (3) $888.11 894.03 7.47 1,120.64 (5) Carrying Value Prior Carrying Value (4) $36,000.00 35,111.89 34,217.86 0 1. What is the principal amount of the note? 2. What is the total number of monthly payments? 3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.) 4. What is the total amount of interest paid over the entire period of the note? (Do not round your intermediate calculations. Roun your answer to 2 decimal places.) 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time. 1. Principal amount 2. Total number of monthly payments 3. Total cash paid 4. Total amount of interest paid 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Text book image
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:9781337514835
Author:MOYER
Publisher:CENGAGE LEARNING - CONSIGNMENT
Text book image
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:9781285595047
Author:Weil
Publisher:Cengage