General Computers Inc. purchased a computer server for $65,500. It paid 25.00% ofthe value as a down payment and received a loan for the balance at 6.50%compounded semi-annually. It made payments of $2,400.41 at the end of everyquarter to settle the loan.a. How many payments are required to settle the loan?o paymentsRound up to the next paymentb. Fill in the partial amortization schedule for the loan, rounding your answers to twodecimal places.Payment Number011Payment$0.00$0.00Interest Portion Principal Portion50.0050,00SUBMIT QUESTION$0.0050.00Principal Balance$49.125.00$0.00$0.00 Round up to the next paymentb. Fill in the partial amortization schedule for the loan, rounding your answers to twodecimal places.Payment Number02#1110TotalPayment#1$0.00$0.00$0.0050.00Question 2 of 3$0.00Interest Portion Principal Portion$0.00$0.0044$0.00$0.0050.00$0.00$0.0050.0050.00Principal Balance$49,125.0014$0.000.00$0.00$0.00

Purchase price 65500 Loan 49,125 Interest rate 6.50% Time (in months)…

General Computers Inc. purchased a computer server for $65,500. It paid 25.00% of the value as a down payment and received a loan for the balance at 6.50% compounded semi-annually. It made payments of $2,400.41 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? o payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 Payment $0.00 $0.00 Interest Portion 50.00 50.00 SUBMIT QUESTION Principal Portion $0.00 50.00 Principal Balance $49.125.00 $0.00 $0.00

General Computers Inc. purchased a computer server for $65,500. It paid 25.00% of the value as a down payment and received a loan for the balance at 6.50% compounded semi-annually. It made payments of $2,400.41 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? o payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 Payment $0.00 $0.00 Interest Portion 50.00 50.00 SUBMIT QUESTION Principal Portion $0.00 50.00 Principal Balance $49.125.00 $0.00 $0.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lush Gardens Co. bought a new truck for $58,000. It paid $6,380 of this amount as a down payment and financed the balance at 4.70% compounded semi-annually. If the company makes payments of $1,800 at the end of every month, how long will it take to settle the loan? o years o months Express the answer in years and months, rounded to the next payment period 13 SUBMIT QUESTION SAVE PROGRESS
A trucking firm purchased two B-train trucks for $325 000. It paid 20% as a down paymentand obtained a bank loan for the rest. The loan has a nominal interest rate of 10.5% compoundedmonthly with a 10-year amortization period. The loan term is 10 years. What are the firm's monthlypayments to the bank?
Island News purchased a piece of property for $1.82 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.00 percent, compounded monthly. What is the amount of each mortgage payment?
Givens, Hong, and Partners obtained a $8,100 term loan at 9.6% compounded annually for new boardroom furniture. Prepare a complete amortization schedule in which the loan is repaid by equal semiannual payments over three years. (Round your answers to the nearest cent. Do not round the intermediate calculations.) Payment Interest number Payment $ portion $ 0 DLN3 456 1 2 1624.80 1624.80 1624.80 1624.80 1624.80 1624.80 Principal portion $ Principal balance $ 8,100.00
A design studio received a loan of $6,750 at 5.80% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? b. What was the size of the interest portion on the first payment? c. What was the balance of the loan at end of the first year? d. What was the size of the interest portion on the last payment? ANSWER EVERYTHING TO THE NEAREST CENT
Locust Inc. owes $20,000.00 to be repaid by monthly payments of $510.00. Interest is 6% compounded monthly. (a) How many payments will Locust Inc. have to make? (b) How much interest is included in the 10th payment? (c) How much of the principal will be repaid in the 9th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
Dejardines Financial has provided a $53, 217 loan to Your Finished Inc. that earns interest at a rate of 6.5% compounded monthly. The loan is to be paid back in equal payments at the end of each month over a three-year term. In addition to the amortization schedule, how much interest was paid over the life of the loan? Complete the amortization table for the 3 years of the loan.
Scented Candles remodeled its lobby at a cost of $36,000. It pays $6000 down and pays off the balance in payments made at the end of each quarter for 5 years. Interest is 10% com- pounded quarterly. Find the amount of each payment so that the loan is fully amortized and total amount of interest paid for 5 years.
Lush Gardens Co. bought a new truck for $60,000 of this amount 6,000 was paid as a down payment and the balance financed at 5.75% compounded semi annually. If the company makes payments of 1,700 at the end of every month, how long will it take to settle the loan?
Falco Inc. financed the purchase of a machine with a loan at 3.34% compounded semi-annually. This loan will be settled by making payments of $7, 100 at the end of every six months for 7 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?
Lush Gardens Co. bought a new truck for $52,000. It paid $4,160 of this amount as a down payment and financed the balance at 4.43% compounded semi-annually. If the company makes payments of $1,600 at the end of every month, how long will it take to settle the loan? o years o months Express the answer in years and months, rounded to the next payment period
The UNICROM company asks the bank for a loan to purchase machinery. The amount granted is $ 40,000.00 with a nominal rate of 42% per year. The company agrees with the bank to pay in 12 installments with constant amortization which are paid monthly. Calculate the value of the 3rd installment and the value of the constant amortization. a3rd installment: 4200 and Amortization: 3333 b.3rd installment: 4500 and Amortization: 3000 c.3rd installment: 4200 and Amortization: 4000 d.3rd installment: 4500 and Amortization: 3333 e3rd installment: 4383 and Amortization: 3333 With clear resolution please