Bob Jones bought a new log cabin for $60,000 at 5.75% interest for 15 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1) Note: Round your intermediate calculations and final answer to the nearest cent. Payment Number 1 2 3 Portion to- Interest Principal Balance of loan outstanding
Bob Jones bought a new log cabin for $60,000 at 5.75% interest for 15 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1) Note: Round your intermediate calculations and final answer to the nearest cent. Payment Number 1 2 3 Portion to- Interest Principal Balance of loan outstanding
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Amortization table (mortgage principal and interest per $1,000)
Rate
2.000
2.125
2.250
2.375
2.500
2.625
2.750
2.875
3.000
3.125
3.250
3.375
3.500
3.625
3.750
3.875
4.000
4.125
4.250
4.375
4.500
4.625
4.750
4.875
5.000
5.125
5.250
5.375
5.500
5.625
5.750
5.875
6.000
6.125
6.250
6.375
6.500
6.625
6.750
6875
Interest
Only
0.16667
0.17708
0.18750
0.19792
0.20833
0.21875
0.22917
0.23958
0.25000
0.26042
0.27083
0.28125
0.29167
0.30208
0.31250
0.32292
0.33333
0.34375
0.35417
0.36458
0.37500
0.38542
0.39583
0.40625
0.41667
0.42708
0.43750
0.44792
0.45833
0.46875
0.47917
0.48958
0.50000
0.51042
0.52083
0.53125
0.54167
0.55208
0.56250
057202
10 Year
9.20135
9.25743
9.31374
9.37026
9.42699
9.48394
9.54110
9.59848
9.65607
9.71388
9.77190
9.83014
9.88859
9.94725
10.00612
10.06521
10.12451
10.18403
10.24375
10.30369
10.36384
10.42420
10.48477
10.54556
10.60655
10.66776
10.72917
10.79079
10.85263
10.91467
10.97692
11.03938
11.10205
11.16493
11.22801
11.29130
11.35480
11.41850
11.48241
11 51653
15 Year
6.43509
6.49281
6.55085
6.60921
6.66789
6.72689
6.78622
6.84586
6.90582
6.96609
7.02669
7.08760
7.14883
7.21037
7.27222
7.33440
7.39688
7.45968
7.52278
7.58620
7.64993
7.71397
7.77832
7.84297
7.90794
7.97320
8.03878
8.10465
8.17083
8.23732
8.30410
8.37118
8.43857
8.50625
8.57423
8.64250
8.71107
8.77994
8.84909
8 01851
20 Year
5.05883
5.11825
5.17808
5.23834
5.29903
5.36014
5.42166
5.48361
5.54598
5.60876
5.67196
5.73557
5.79960
5.86404
5.92888
5.99414
6.05980
6.12587
6.19234
6.25922
6.32649
6.39417
6.46224
6.53070
6.59956
6.66881
6.73844
6.80847
6.87887
6.94966
7.02084
7.09238
7.16431
7.23661
7.30928
7.38232
7.45573
7.52950
7.60364
767814
25 Year
4.23854
4.29966
4.36131
4.42348
4.48617
4.54938
4.61311
4.67735
4.74211
4.80738
4.87316
4.93945
5.00624
5.07352
5.14131
5.20959
5.27837
5.34763
5.41738
5.48761
5.55832
5.62951
5.70117
5.77330
5.84590
5.91896
5.99248
6.06645
6.14087
6.21575
6.29106
6.36682
6.44301
6.51964
6.59669
6.67417
6.75207
6.83039
6.90912
6.08825
30 Year
3.69619
3.75902
3.82246
3.88653
3.95121
4.01651
4.08241
4.14892
4.21604
4.28375
4.35206
4.42096
4.49045
4.56051
4.63116
4.70237
4.77415
4.84650
4.91940
4.99285
5.06685
5.14140
5.21647
5.29208
5.36822
5.44487
5.52204
5.59971
5.67789
5.75656
5.83573
5.91538
5.99551
6.07611
6.15717
6.23870
6.32068
6.40311
6.48598
6.56020
40 Year
3.02826
3.09444
3.16142
3.22921
3.29778
3.36714
3.43728
3.50818
3.57984
3.65226
3.72541
3.79930
3.87391
3.94923
4.02526
4.10198
4.17938
4.25746
4.33620
4.41559
4.49563
4.57629
4.65758
4.73947
4.82197
4.90505
4.98870
5.07293
5.15770
5.24302
5.32888
5.41525
5.50214
5.58952
5.67740
5.76575
5.85457
5.94385
6.03357
612373](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52ef247d-15fe-4d4f-8ef0-cbdc99261781%2Fe7ccad11-517e-4e48-9084-d5a31c3df9e9%2Fp8q3pwn_processed.png&w=3840&q=75)
Transcribed Image Text:Amortization table (mortgage principal and interest per $1,000)
Rate
2.000
2.125
2.250
2.375
2.500
2.625
2.750
2.875
3.000
3.125
3.250
3.375
3.500
3.625
3.750
3.875
4.000
4.125
4.250
4.375
4.500
4.625
4.750
4.875
5.000
5.125
5.250
5.375
5.500
5.625
5.750
5.875
6.000
6.125
6.250
6.375
6.500
6.625
6.750
6875
Interest
Only
0.16667
0.17708
0.18750
0.19792
0.20833
0.21875
0.22917
0.23958
0.25000
0.26042
0.27083
0.28125
0.29167
0.30208
0.31250
0.32292
0.33333
0.34375
0.35417
0.36458
0.37500
0.38542
0.39583
0.40625
0.41667
0.42708
0.43750
0.44792
0.45833
0.46875
0.47917
0.48958
0.50000
0.51042
0.52083
0.53125
0.54167
0.55208
0.56250
057202
10 Year
9.20135
9.25743
9.31374
9.37026
9.42699
9.48394
9.54110
9.59848
9.65607
9.71388
9.77190
9.83014
9.88859
9.94725
10.00612
10.06521
10.12451
10.18403
10.24375
10.30369
10.36384
10.42420
10.48477
10.54556
10.60655
10.66776
10.72917
10.79079
10.85263
10.91467
10.97692
11.03938
11.10205
11.16493
11.22801
11.29130
11.35480
11.41850
11.48241
11 51653
15 Year
6.43509
6.49281
6.55085
6.60921
6.66789
6.72689
6.78622
6.84586
6.90582
6.96609
7.02669
7.08760
7.14883
7.21037
7.27222
7.33440
7.39688
7.45968
7.52278
7.58620
7.64993
7.71397
7.77832
7.84297
7.90794
7.97320
8.03878
8.10465
8.17083
8.23732
8.30410
8.37118
8.43857
8.50625
8.57423
8.64250
8.71107
8.77994
8.84909
8 01851
20 Year
5.05883
5.11825
5.17808
5.23834
5.29903
5.36014
5.42166
5.48361
5.54598
5.60876
5.67196
5.73557
5.79960
5.86404
5.92888
5.99414
6.05980
6.12587
6.19234
6.25922
6.32649
6.39417
6.46224
6.53070
6.59956
6.66881
6.73844
6.80847
6.87887
6.94966
7.02084
7.09238
7.16431
7.23661
7.30928
7.38232
7.45573
7.52950
7.60364
767814
25 Year
4.23854
4.29966
4.36131
4.42348
4.48617
4.54938
4.61311
4.67735
4.74211
4.80738
4.87316
4.93945
5.00624
5.07352
5.14131
5.20959
5.27837
5.34763
5.41738
5.48761
5.55832
5.62951
5.70117
5.77330
5.84590
5.91896
5.99248
6.06645
6.14087
6.21575
6.29106
6.36682
6.44301
6.51964
6.59669
6.67417
6.75207
6.83039
6.90912
6.08825
30 Year
3.69619
3.75902
3.82246
3.88653
3.95121
4.01651
4.08241
4.14892
4.21604
4.28375
4.35206
4.42096
4.49045
4.56051
4.63116
4.70237
4.77415
4.84650
4.91940
4.99285
5.06685
5.14140
5.21647
5.29208
5.36822
5.44487
5.52204
5.59971
5.67789
5.75656
5.83573
5.91538
5.99551
6.07611
6.15717
6.23870
6.32068
6.40311
6.48598
6.56020
40 Year
3.02826
3.09444
3.16142
3.22921
3.29778
3.36714
3.43728
3.50818
3.57984
3.65226
3.72541
3.79930
3.87391
3.94923
4.02526
4.10198
4.17938
4.25746
4.33620
4.41559
4.49563
4.57629
4.65758
4.73947
4.82197
4.90505
4.98870
5.07293
5.15770
5.24302
5.32888
5.41525
5.50214
5.58952
5.67740
5.76575
5.85457
5.94385
6.03357
612373
![Bob Jones bought a new log cabin for $60,000 at 5.75% interest for 15 years. Prepare an amortization schedule for the first three
periods. (Use Table 15.1)
Note: Round your intermediate calculations and final answer to the nearest cent.
Payment
Number
1
2
3
Portion to-
Interest
Principal
Balance of loan
outstanding](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52ef247d-15fe-4d4f-8ef0-cbdc99261781%2Fe7ccad11-517e-4e48-9084-d5a31c3df9e9%2Frenc0b_processed.png&w=3840&q=75)
Transcribed Image Text:Bob Jones bought a new log cabin for $60,000 at 5.75% interest for 15 years. Prepare an amortization schedule for the first three
periods. (Use Table 15.1)
Note: Round your intermediate calculations and final answer to the nearest cent.
Payment
Number
1
2
3
Portion to-
Interest
Principal
Balance of loan
outstanding
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education