Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR. Enter the data for the firstthree months. (Round your answers to 2 decimal places.)Month123BeginningBalance$ 5,000.00Total PaymentInterest PaidPrincipal Paid Ending Balance

Here,Loan Amount is $5,000Time Period of Loan is 2 yearsInterest Rate on Loan is 8%Compounding…

Answered: Create the amortization schedule for a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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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
Cash Flow Amounts R. Lee Rouse borrows 10,000 that is to be repaid in 24 equal monthly installments payable at the end of each subsequent month with interest at the rate of 1% per month. Required: Using the appropriate table, calculate the equal installments.
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month 1 2 3 Beginning Balance Total Payment Interest Paid $ 15,000.00 $ 477.00+-0.5% $ 112.50+-0.5% 477.00+/-0.5% 109.77+/-0.5% 107.01+/-0.5% 477.00+/-0.5% 14,635.50+/-0.1% 14,268.27+/-0.1% Principal Paid $ 364.50+-0.5% Ending Balance $ 14,635.50+/-0.1% 14,268.27+/-0.1% 367.23+/-0.5% 369.98+/-0.5% 13,898.29+/-0.1%
Create the amortization schedule for a loan of $5,600, paid monthly over two years using an APR of 8 percent. Enter the data for the first three months. Note: Round your answers to 2 decimal places. Month 1 2 3 Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance
Complete the first three lines of an amortization schedule for the following loan. Assume monthly payments. amount, $6000; rate, 9%; time, eighteen months Fill out the amortization schedule below, assume monthly payments and round all values to the nearest cent. Payment Amount of Interest Applied to Number Payment Payment Principal 2 3 $ $ $ Balance $6000 $ $
Write out a complete schedule for the amortization of a $50,000 loan with payments every 6 months at 14% interest compounded semiannually for 1 year. Complete the schedule below. Payment number Amount Interest 1 $ $ 2 S $ (Round to the nearest cent as needed.) Applied to principal $ $ Unpaid Balance $ $
Please answer fast I give you upvote.
Complete an amortization schedule for a $48,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ $ $ $ $ 2 3 What percentage of the payment represents interest and what percentage represents principal for each of the three years? Do not round intermediate calculations. Round your answers to two decimal places. % Interest % Principal Year 1: % % Year 2: % % Year 3: % % Why do these percentages change over time? These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines. These…
Complete an amortization schedule for a $16,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ $ $ $ $ 2 3 What percentage of the payment represents interest and what percentage represents principal for each of the three years? Do not round intermediate calculations. Round your answers to two decimal places. % Interest % Principal Year 1: % % Year 2: % % Year 3: % % Why do these percentages change over time? These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines. These…
a. Complete an amortization schedule for a $33,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 9% compounded annually. Round all answers to the nearest cent BeginningRepaymentEndingYearBalancePayment nterestof Principal Balance 1$ fill in the blank 2$ fill in the blank 3$ fill in the blank 4$ fill in the blank 5$ fill in the blank 62$ fill in the blank 7$ fill in the blank 8$ fill in the blank 9$ fill in the blank 10$ fill in the blank 113$ fill in the blank 12$ fill in the blank 13$ fill in the blank 14$ fill in the blank 15$ fill in the blank 16b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all answers to two decimal places.% Interest % Principal Year 1:fill in the blank 17% fill in the blank 18% Year 2:fill in the blank 19% fill in the blank 20% Year 3:fill in the blank 21% fill in the blank 22%c. Why do these percentages change over…
Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Enter the data for the first three months. (Round your answers to 2 decimal places.)

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Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR. Enter the data for the first hree months. (Round your answers to 2 decimal places.) Month 1 2 3 Beginning Balance $ 5,000.00 Total Payment Interest Paid Principal Paid Ending Balance