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?
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(a)
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How many payments will Locust Inc. have to make?
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(b)
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How much interest is included in the
10th
payment? |
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(c)
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How much of the principal will be repaid in the
9th
payment period? |
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(d)
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Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
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Solved in 5 steps
- Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.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.)If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
- 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.K Locust Inc. owes $15,000.00 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) (d) How much interest is included in the 12th payment? How much of the principal will be repaid in the 13th payment period? 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 (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.)K Locust 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 included the 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 as needed.) (b) The interest is $ (Round the final answer to the needed.) mim GEXCE hs cent as needed. Round all intermediate values to six decimal places as [#] Vi n BE (40) X 0
- Locust Inc. owes $17,000.00 to be repaid by monthly payments of $490.00. Interest is 4% compounded monthly. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totalsTowline Corporation borrowed S75,000.00 at 11% compounded monthly for 10 years to buy a warehouse. Equal payments are made at the end of every month. (a) Determine the size of the monthly payments (b) Compute the interest included in payment 37. (c) Determine the principal repaid in payment period 7. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals (a) The size of the monthly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)CPLF borrows P2,500,000 from Bank DAAE at 11% interest to be paid at the end of each year for 15 years. Find for the annual total payments under (a) equal annual amortization and (b) equal principal payment methods. Construct a complete amortization schedule (as shown below) for each scheme.
- Katec Corporation borrowed $79000.00 at 3% compounded monthly for 13 years to buy a warehouse. Equal payments are made at the end of every month. (a) Determine the size of the monthly payments. (b) Compute the interest included in payment 68. (c) Determine the principal repaid in payment period 28. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. Please step by step answer.Katec Corporation borrowed $79000.00 at 3% compounded monthly for 13 years to buy a warehouse. Equal payments are made at the end of every month. (a) Determine the size of the monthly payments. (b) Compute the interest included in payment 68. (c) Determine the principal repaid in payment period 28. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.1. Mary made a loan of P58,000 to supply her new business. It is to be amortized by ten equal payments of P6,300 at the end of each quarter. a. What is the semi-annual interest needed to amortize the loan? b. Make an amortization schedule showing the distribution of the payments.