Number #4 + #5 Brief Exercise 9-3 (Algo) Interpret an amortization schedule for an installment note (LO9-2)Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,363.13.(4)Decrease inCarrying Value(2) (3)(1)Date11/1/202411/30/2024 $1,363.1312/31/20241,363.13I1,363.13(2)Cash Paid10/31/2027(3)Interest ExpenseCarrying Value xInterest Rate$290.00282.859.03$1,073.131,080.28⠀1,354.10(5)Carrying ValuePrior Carrying Value- (4)$43,500.0042,426.8741,346.59⠀01. What is the principal amount of the note?2. What is the total number of monthly payments?3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.)4. What is the total amount of interest paid over the entire period of the note? (Do not round your intermediate calculations. Roundyour answer to 2 decimal places.)5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.X Answer is not complete.1. Principal amount2. Total number of monthly payments3. Total cash paid4. Total amount of interest paid5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.$$43,000 X36✔49,072.68 ✔

Total Interest Paid = Total cash paid - Principal amount.

Answered: Number #4 + #5

Business

Finance

Number #4 + #5

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Number #4 + #5

Brief Exercise 9-3 (Algo) Interpret an amortization schedule for an installment note (LO9-2)
Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,363.13.
(4)
Decrease in
Carrying Value
(2) (3)
(1)
Date
11/1/2024
11/30/2024 $1,363.13
12/31/2024
1,363.13
I
1,363.13
(2)
Cash Paid
10/31/2027
(3)
Interest Expense
Carrying Value x
Interest Rate
$290.00
282.85
9.03
$1,073.13
1,080.28
⠀
1,354.10
(5)
Carrying Value
Prior Carrying Value
- (4)
$43,500.00
42,426.87
41,346.59
⠀
0
1. What is the principal amount of the note?
2. What is the total number of monthly payments?
3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.)
4. What is the total amount of interest paid over the entire period of the note? (Do not round your intermediate calculations. Round
your answer to 2 decimal places.)
5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
X Answer is not complete.
1. Principal amount
2. Total number of monthly payments
3. Total cash paid
4. Total amount of interest paid
5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
$
$
43,000 X
36✔
49,072.68 ✔

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