Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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- Presented below is a partial amortization schedule for a three-year Installment note requiring monthly payments of $1,974.19. () Interest Expense (4) Decrease in Carrying Value (1) Date (2) Cash Paid Carrying Value (S) Carrying Value Prior Carrying Value Interest Rate (2)-83) (4) 11/1/2024 11/30/2024 $1,974.19 12/31/2024 1,974.19 $420.00 409.64 $1,554.19 1,564,55 $63,000.00 61,445.81 59,881.26 10/31/2027 1,974.19 13.07 1,961.12 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. Round 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…arrow_forwardCalculate the principal and interest portions of the specified payment for this ordinary annuty, and give the balance remaining after that payment For full marks your answer should be rounded to the nearest cont Payment Principal Interest Balance Payment Frequency Term Number to Find Interest Payment Loan Principal Paid Paid After Payment 4. 0.00 0.00 0.00 $45,000.00 3.50 % compounded quarterly $3,250.97 Semi-annual 8 yearsarrow_forwardThe following is an amortization schedule for a loan of $5000 to be repaid over two years at 7% compounded semiannually (depicted below in the table). Find the value of A, B, C, and D.arrow_forward
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- Assuming a 360-day year, when a $11,200, 90-day, 5% interest-bearing note payable matures, the total payment will be Oa. $560 Ob. $140 Oc. $11,760 Od. $11,340 0 0 0 0arrow_forwardGiven the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Paid on Interest Paid Annual Interest Rate Payment $175.92 Balance Principal $159.58 6.9% $16.34 $2,681.75 Fill out the amortization schedule below. Annual Interest Rate Paid on Principal $159.58 Interest Payment Balance Paid 6.9% $175.92 $16.34 $2,681.75 (Round to the nearest cent as needed.)arrow_forwardUse chart and round to nearest centarrow_forward
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