7. An amount of 24,000php is borrowed for 15 years at a rate of 2%. Make an amortization scheduleshowing the monthly payment, the monthly interest on the outstanding balance, the portion of thepayment contributing toward reducing the debt, and the outstanding balance.

Using PMT function in excel PMT (rate,nper,pv,[fv]) Amortization schedule

Answered: 7. An amount of 24,000php is borrowed…

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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Find the semi-annual payment of a P15,000 debt to be amortized by 5 equal payments at the end of each 6 months at a rate of 15% compounded semi-annually. The first payment is to commence 3 years after.
$10,000 is borrowed at 10% a year interest for five years. At the end of each year, the borrower pays a fixed amount of $2368. Solve for the yearly payment AND the remainingprinciple at the end of each year. Also, determine the total payment made over the 5 years.
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A debt of 8,800 with interest at 5% payable semi annually will be discharged by payment of 1,200 at the end of each 8 periods as long as necessary, with a final smaller payment of 8 periods after the last 1200 is paid due to COVID19. How much will be the beginning amount after the last period? How much will be the final payment after the last period? How much will ve the interest after the last period? Give the amortization schedule containing the period, beginning amount, payment, interest, repayment and ending balance. Show your solution, dont use excel

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7. An amount of 24,000php is borrowed for 15 years at a rate of 2%. Make an amortization schedule showing the monthly payment, the monthly interest on the outstanding balance, the portion of the payment contributing toward reducing the debt, and the outstanding balance.