On January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for thelatest and greatest bouncy house. Bouncy House is required to make annual payments. Thefirst payment occurs on December 31, 20X1.а.Calculateyour annual payment amount.b. Create the loan amortization schedule (table).Record the first three journal entries.d. How much total interest does Bouncy House pay on this installment note?С.

On January 1, 2Ox1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. Calculate your annual payment amount. а. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? C.

On January 1, 2Ox1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. Calculate your annual payment amount. а. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? C.

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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Prepare an amortization schedule for a three-year loan of $96,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Year 1 2 3 Beginning Balance Total Payment Total interest Interest Payment Principal Payment Ending Balance
Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month 1 2 3 Beginning Balance $ 5,000.00 Total Payment Interest Paid Principal Paid Ending Balance
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Term of Loan (years) Annual Monthly PITI Amount Interest Monthly PI Property Annual Insurance Financed Rate Tax $124,700 6.75% 15 $2,370 $1,355 Prepare an amortization schedule for the first 3 payments (in $) of a $78,000 mortgage at 5% for 20 years. Use this table. (Round your answers to the nearest cent.) Payment Number Monthly Payment Monthly Interest Portion Used to Reduce Principal Loan Balance $| $| 1 24 24 2 %24 Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Table Monthly Payment (in $) Term Number Total Amount Interest of $1,000s Financed of Loan Factor Interest Financed Rate (years) (in $) (in $) $162,300 7.25% 15 $ $ $
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Use the following to answer questions 25-27 On January 1, year 1, the company borrows $45,000 to purchase a new vehicle by agreeing to a 7%, 5-year note with the bank. Payments of $891.05 are due at the end of each month with the first installment due on January 31, year 1. ROUND YOUR ANSWERS TO THE NEAREST CENT (2 decimal places). 25. After the first car payment (installment) is made the amount owed on the vehicle would be: $ 26. Determine interest expense for the second car payment $ 27. After the Company pays all of the car payments, how much do they owe at the end of the 5 years? $
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Royalty Inc. lends to Shakespeare LTD. $50,000 on November 16. Shakespeare LTD. signs the 10%, 90-day note. ***Remember interest accruing starts the next day.*** What is the amount of accrued interest December 31? $ What is the amount of interest expense February 14? $ What is the maturity value paid when the note is honored? $
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Royalty Inc. lends to Shakespeare LTD. $50,000 on November 16. Shakespeare LTD. signs the 10%, 90-day note. ***Remember interest accruing starts the next day.*** 1. What is the amount of accrued interest December 31? $ 2. What is the amount of interest expense February 14? $ 3. What is the maturity value paid when the note is honored? $
n.c.
Cullumber Company borrowed $313,000 on January 1, 2022, by issuing a $313,000, 10% mortgage note payable. The terms call for annual installment payments of $54,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit ILOR Cred

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