Jill bought a $500 rocking chair. The terms of her revolving charge are 1% on the unpaid balance from the previous month. If shepays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule.Note: Round your final answers to the nearest cent.Monthlypaymentnumber123Outstandingbalance due1 1/2 % interestpaymentAmount ofmonthly paymentReduction inbalance dueOutstandingbalance due TABLE 14.3Schedule of paymentsMonthly paymentnumber123Outstandingbalance due$8,000.00$7,620.00$7,234.301 1/2 % Interest payment$120.00 (0.015 $8,000.00)$114.30 (0.015 $7,620.00)$7,234.30)$108.51 (0.015Amount ofmonthly payment$ 500.00$ 500.00$ 500.00Reduction in balance due$380.00 ($500.00 - $120.00)$385.70 ($500.00 - $114.30)$391.49 ($500.00 - $108.51)Outstanding balance due$7,620.00 ($8,000.00 - $380.00)$7,234.30 ($7,620.00 - $385.70)$6,842.81 ($7,234.30-$391.49)

Interest payment :— It is calculated by multiplying outstanding balance with interest rate.…

1% on the unpaid balance from the previous month. If she Jill bought a $500 rocking chair. The terms of her revolving charge are pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. Note: Round your final answers to the nearest cent. Monthly payment number 1 2 3 104 Outstanding balance due 11/2% interest payment Amount of monthly payment Reduction in balance due Outstanding balance due

1% on the unpaid balance from the previous month. If she Jill bought a $500 rocking chair. The terms of her revolving charge are pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. Note: Round your final answers to the nearest cent. Monthly payment number 1 2 3 104 Outstanding balance due 11/2% interest payment Amount of monthly payment Reduction in balance due Outstanding balance due

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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