#3-1

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School

University of Texas, Dallas *

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Course

2301

Subject

Accounting

Date

Nov 24, 2024

Type

png

Pages

1

Uploaded by Alex2122

Report
Req 3a Req 3b How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loz (Round your answers to 2 decimal places. Do not round intermediate calculations.) | ' Interest ' Reduction in Expense Carrying Value First payment $ 12000081 82681 Explanation 3-a. Interest Expense: ($160,000 x 9% x 1/12) = $1.200.00 3-b. In the first monthly payment, $1,200.00 goes to interest expense and $826.81 goes to reducing the carrying value of the loan.
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