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LECTURE EXAMPLES - LOANS 1. Woodgrain Industries took out an operating loan with RBC for $20,000 at a fixed interest rate of 8% on September 14. The operating loan requires a monthly fixed payment of $800 on the 14th of every month. Create the first three months of its repayment schedule. Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (- Balance Principal Amount after Transaction 9/14 $20,000 10/14 8% 11/14 8% 12/14 8% $800 $800 $800

LECTURE EXAMPLES - LOANS 1. Woodgrain Industries took out an operating loan with RBC for $20,000 at a fixed interest rate of 8% on September 14. The operating loan requires a monthly fixed payment of $800 on the 14th of every month. Create the first three months of its repayment schedule. Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (- Balance Principal Amount after Transaction 9/14 $20,000 10/14 8% 11/14 8% 12/14 8% $800 $800 $800

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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LECTURE EXAMPLES - LOANS 1. Woodgrain Industries took out an operating loan with RBC for $20,000 at a fixed interest rate of 8% on September 14. The operating loan requires a monthly fixed payment of $800 on the 14th of every month. Create the first three months of its repayment schedule. Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (- Balance Principal Amount after Transaction 9/14 $20,000 10/14 8% 11/14 8% 12/14 8% $800 $800 $800
Transcribed Image Text:LECTURE EXAMPLES - LOANS 1. Woodgrain Industries took out an operating loan with RBC for $20,000 at a fixed interest rate of 8% on September 14. The operating loan requires a monthly fixed payment of $800 on the 14th of every month. Create the first three months of its repayment schedule. Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (- Balance Principal Amount after Transaction 9/14 $20,000 10/14 8% 11/14 8% 12/14 8% $800 $800 $800
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