KLocust Inc. owes $13,000.00 to be repaid by monthly payments of $470.00. Interest is 11% compounded monthly(a) How many payments will Locust Inc. have to make?(b) How much interest is includedthe 11th payment?(c) How much of the principal will be repaid in the 8th payment period?(d) Construct a partial amortization schedule showing details of the first three payments, the last three payments,and totals.(a) The number of the monthly payment is 33(Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places asneeded.)(b) The interest is $(Round the final answer to theneeded.)mimGEXCEhscent as needed. Round all intermediate values to six decimal places as[#] Vi nBE(40)X0

Honor Code: Since you have posted a question with multiple sub-parts, we will provide the solution…

Answered: Locust Inc. owes $13,000.00 to be…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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Similar questions

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On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
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Last two parts solve please.
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A debt of 8,800 with interest at 5% payable semi annually will be discharged by payment of 1,200 at the end of each 8 periods as long as necessary, with a final smaller payment of 8 periods after the last 1200 is paid due to COVID19. How much will be the beginning amount after the last period? How much will be the final payment after the last period? How much will ve the interest after the last period? Give the amortization schedule containing the period, beginning amount, payment, interest, repayment and ending balance. Show your solution, dont use excel
A debt of 8,800 with interest at 5% payable semi annually will be discharged by payment of 1,200 at the end of each 8 periods as long as necessary, with a final smaller payment of 8 periods after the last 1200 is paid due to COVID19. How much will be the beginning amount after the last period? How much will be the final payment after the last period? How much will ve the interest after the last period? Give the amortization schedule containing the period, beginning amount, payment, interest, repayment and ending balance.

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