Subject: Finance 0123stShane received a loan of $13,000 at 4.75% compounded quarterly. He had to makepayments at the end of every quarter for a period of 1 year to settle the loan.a. Calculate the size of payments.PaymentNumber4Round to the nearest centb. Fill in the amortization schedule, rounding the answers to two decimal places.PrincipalBalanceTotalAmountPaidInterest PrincipalPortionPortion$13,000

Data given: Loan amount=$13000 Rate=4.75% (compounded quarterly) n=1 year Required: Size of…

Answered: 1. 0123 Shane received a loan of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
A $23,970 loan is to be settled by making payments of $6,999 at the end of every six months. The interest is 7.58% compounded monthly. a) Find the number of payments in the term. N = b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Enter a positive value for all answers. Payment Number 0 1 2 3 4 Payment Amount ($) PMT FA A A A Interest Portion ($) INT FA A $ Principal Portion ($) PRN $ A $ Loan Balance ($) BAL A A $23,970
A $22,550 loan is to be settled by making payments of $6,862 at the end of every three months. The interest is 4.5% compounded semi-annually. a) Find the number of payments in the term. N b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Enter a positive value for all answers. Payment Number 0 1 2 3 4 Payment Amount ($) PMT FA GA SA Interest Portion Principal Portion ($) INT ($) PRN SA GA = 6A SA SA $ $ $ Loan Balance ($) BAL GA GA $22,550
A $22,550 loan is to be settled by making payments of $6,862 at the end of every three months. The interest is 4.5% compounded semi-annually. a) Find the number of payments in the term. N Payment Number b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Enter a positive value for all answers. 0 1 2 3 4 Payment Amount ($) PMT $ 6,862 $ 6,862 6,862 = 3.37 $ 2,531.51 x Interest Portion ($) INT $254.64 X $180.03 X $104.57 X $28.27 X Principal Portion ($) PRN GA X FA FA 6,607.36 x Loan Balance ($) BAL $ 15,942.6 x FA $22,550 FA
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A $23,300 loan is to be settled by making payments of $7,460 at the end of every six months. The interest is 7.82% compounded quarterly. a) Find the number of payments in the term (Round off to two decimal places). b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Payment Number Payment Amount($) PMT Interest Portion ($) INT Principal Portion ($) PRN Loan Balance ($) BAL 0 $3.4 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ TVM FORMULA
Megan received a loan of $31,000 at 4.5% compounded monthly. She had to make payments at the end of every month for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 1 2 :: Total Payment Interest Portion Principal Portion :: ⠀⠀ Principal Balance $31,000.00 0.00
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