Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1. (1) Date (2) Cash Paid 11/1/2024 11/30/2024 $1,316.13 12/31/2024 1,316.13 10/31/2027 1,316.13 (3) Interest Expense Carrying Value x Interest Rate $280.00 273.09 ⠀ 8.72 (4) Decrease in Carrying Value (2) (3) $1,036.13 1,043.04 1,307.41 (5) Carrying Value Prior Carrying Value (4) $42,000.00 40,963.87 39,920.83 ⠀ 8 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.)
Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1. (1) Date (2) Cash Paid 11/1/2024 11/30/2024 $1,316.13 12/31/2024 1,316.13 10/31/2027 1,316.13 (3) Interest Expense Carrying Value x Interest Rate $280.00 273.09 ⠀ 8.72 (4) Decrease in Carrying Value (2) (3) $1,036.13 1,043.04 1,307.41 (5) Carrying Value Prior Carrying Value (4) $42,000.00 40,963.87 39,920.83 ⠀ 8 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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