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ill bought a $580 rocking chair. The terms of her revolving charge are 2% on the 5100 per month, complete a schedule for the first 3 months like Table 14.3, Be sure Note: Round your final answers to the nearest cent.

ill bought a $580 rocking chair. The terms of her revolving charge are 2% on the 5100 per month, complete a schedule for the first 3 months like Table 14.3, Be sure Note: Round your final answers to the nearest cent.

FINANCIAL ACCOUNTING
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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TABLE 14.3 Schedule of payments Monthly payment number 1 2 3 Outstanding balance due $8,000.00 $7,620.00 $7,234.30 1 1/2 % Interest payment $120.00 (0.015 $8,000.00) $114.30 (0.015 $7,620.00) $7,234.30) $108.51 (0.015 Amount of monthly payment $ 500.00 $ 500.00 $ 500.00 Reduction in balance due $380.00 ($500.00 - $120.00) $385.70 ($500.00 - $114.30) $391.49 ($500.00 - $108.51) Outstanding balance due $7,620.00 ($8,000.00 - $380.00) $7,234.30 ($7,620.00 - $385.70) $6,842.81 ($7,234.30-$391.49)
Transcribed Image Text:TABLE 14.3 Schedule of payments Monthly payment number 1 2 3 Outstanding balance due $8,000.00 $7,620.00 $7,234.30 1 1/2 % Interest payment $120.00 (0.015 $8,000.00) $114.30 (0.015 $7,620.00) $7,234.30) $108.51 (0.015 Amount of monthly payment $ 500.00 $ 500.00 $ 500.00 Reduction in balance due $380.00 ($500.00 - $120.00) $385.70 ($500.00 - $114.30) $391.49 ($500.00 - $108.51) Outstanding balance due $7,620.00 ($8,000.00 - $380.00) $7,234.30 ($7,620.00 - $385.70) $6,842.81 ($7,234.30-$391.49)
Jill bought a $580 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. Note: Round your final answers to the nearest cent. Monthly payment number 1 2 3 Outstanding 2.0% interest balance due payment Amount of monthly payment Reduction in balance due Outstanding balance due
Transcribed Image Text:Jill bought a $580 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. Note: Round your final answers to the nearest cent. Monthly payment number 1 2 3 Outstanding 2.0% interest balance due payment Amount of monthly payment Reduction in balance due Outstanding balance due
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