Halep Inc. borrowed $56,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $15,427.44 at the end of each year. Prepare an amortization table showing the principal and interest in each payment. Round your answers to two decimal places. Year 1 2 3 4 $ Beginning Balance 56,000 42,813 29,097.56 14,833.12 $ Payment 15,427.44 15,427.44 15,427.44 15,427.44 Interest 2,240 1,712 1,163 593 To Principal 13,187.44 13,715.44 14,264.44 14,834.44 $ Ending Balance 42,812.56 29,097.56 14,833.12 0

Halep Inc. borrowed $56,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $15,427.44 at the end of each year. Prepare an amortization table showing the principal and interest in each payment. Round your answers to two decimal places. Year 1 2 3 4 $ Beginning Balance 56,000 42,813 29,097.56 14,833.12 $ Payment 15,427.44 15,427.44 15,427.44 15,427.44 Interest 2,240 1,712 1,163 593 To Principal 13,187.44 13,715.44 14,264.44 14,834.44 $ Ending Balance 42,812.56 29,097.56 14,833.12 0

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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