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.)

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Hi, I need help inputting the two remaining values in the blank cells. Thank you.
Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,316.13.
(1)
Date
11/1/2024
11/30/2024
12/31/2024
⠀
10/31/2027
(2)
Cash Paid
$1,316.13
1,316.13
⠀
1,316.13
(3)
Interest Expense
Carrying Value x
Interest Rate
1. Principal amount
2. Total number of monthly payments
3. Total cash paid
$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
⠀
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. Round
your answer to 2 decimal places.)
5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
4. Total amount of interest paid
5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
$
42,000
36
47,380.68
Transcribed Image Text:Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,316.13. (1) Date 11/1/2024 11/30/2024 12/31/2024 ⠀ 10/31/2027 (2) Cash Paid $1,316.13 1,316.13 ⠀ 1,316.13 (3) Interest Expense Carrying Value x Interest Rate 1. Principal amount 2. Total number of monthly payments 3. Total cash paid $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 ⠀ 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. Round your answer to 2 decimal places.) 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time. 4. Total amount of interest paid 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time. $ 42,000 36 47,380.68
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