Chapter 14, Problem 2SE

Glen Pool Club, Inc., has a $300,000 mortgage liability. The mortgage is payable in monthly installments of $3000, which include interest computed at an annual rate of 12 percent.   Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage’s unpaid balance. (Round to the nearest dollar.)

Mortgage PayableE1B. Kavra Corporation purchased a building by signing a $150,000 long-term mortgagewith monthly payments of $2,000. The mortgage carries an interest rate of 12 percent.1. Prepare a monthly payment schedule showing the monthly payment, the interest forthe month, the reduction in debt, and the unpaid balance for the first three months.(Round to the nearest dollar.)2. Prepare the journal entries to record the purchase and the first two monthlypayments.

The Cauayan Consumer Cooperative has taken out a 10-year mortgage for P92,000 at an annual rate of 5%. A table for the monthly payment on P1,000 loan is used in finding the monthly amortization. Complete amortization schedule. Round off your final answer to the nearest cent.

Bramble Company purchased a building on January 2 by signing a long-term $606000 mortgage with monthly payments of $5100. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a credit to the Mortgage Payable account for $5100. O credit to the Cash account for $5050. O debit to the Interest Expense account for $5050. O debit to the Cash account for $5100.

On September 1, 2018, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Jonstown Bank and Trust in conjunction with the purchase of a building and land. The mortgage note calls for interest at an annual rate of 12 percent (1 percent per month). The note is fully amortizing over a period of 360 months.   The bank sent Speedy Lube an amortization table showing the allocation of monthly payments between interest and principal over the life of the loan. A small part of this amortization table is illustrated below. (For convenience, amounts have been rounded to the nearest dollar.)   AMORTIZATION TABLE (12%, 30-YEAR MORTGAGE NOTE PAYABLE FOR $1,080,000; PAYABLE IN 360 MONTHLY INSTALLMENTS OF $11,110) InterestPeriod PaymentDate MonthlyPayment InterestExpense PrincipalReduction UnpaidBalance Issue date Sept. 1, 2018     –       –       –     $ 1,080,000   1 Oct. 1   $ 11,110     $ 10,800     $ 310       1,079,690   2 Nov. 1     11,110       10,797       313…

Sheridan Service has a line of credit loan with the bank. The initial loan balance was $7000.00. Payments of $2500.00 and $3000.00 were made after five months and nine months respectively. At the end of one year, Sheridan Service borrowed an additional $4000.00. Ten months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage loan if the line of credit interest was 7% compounded monthly? The amount of the loan is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate of 4.5%. The first mortgage payment is due exactly one month after you signed the contract. For the first month, the interest portion from your mortgage payment is _____________.

Sheridan Service has a line of credit loan with the bank. The initial loan balance was $8000.00. Payments of $3000.00 and $4000.00 were made after four months and eight months respectively. At the end of one year, Sheridan Service borrowed an additional $5000.00. Six months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage loan if the line of credit interest was 7% compounded monthly? The amount of the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Michael Sanchez purchased a condominium for $67,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? (b) Construct an amortization schedule for the first four months of Michael's mortgage. Portion Used Monthly Payment (in $) Monthly Interest Loan Payment Number to Reduce Principal (in $) Balance (in $) (in $) $| 1 $ $ $ 2 $ $| 3 4 $ $ (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)?