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On January 1, Year 1, Hawk Company borrowed $122,000 from the Community Bank, issuing a three- year, 8% note payable. Payments of $47,340.09 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. Required: Prepare an amortization schedule for the note. Note: Enter all your values as positive values. Round your answers to 2 decimal places. Date Beginning Balance Payment Year 1 Year 2 Year 3 Interest Principal Ending Balance

On January 1, Year 1, Hawk Company borrowed $122,000 from the Community Bank, issuing a three- year, 8% note payable. Payments of $47,340.09 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. Required: Prepare an amortization schedule for the note. Note: Enter all your values as positive values. Round your answers to 2 decimal places. Date Beginning Balance Payment Year 1 Year 2 Year 3 Interest Principal Ending Balance

Essentials Of Investments
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
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On January 1, Year 1, Hawk Company borrowed $122,000 from the Community Bank, issuing a three- year, 8% note payable. Payments of $47,340.09 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. Required: Prepare an amortization schedule for the note. Note: Enter all your values as positive values. Round your answers to 2 decimal places. Date Beginning Balance Payment Year 1 Year 2 Year 3 Interest Principal Ending Balance
Transcribed Image Text:On January 1, Year 1, Hawk Company borrowed $122,000 from the Community Bank, issuing a three- year, 8% note payable. Payments of $47,340.09 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. Required: Prepare an amortization schedule for the note. Note: Enter all your values as positive values. Round your answers to 2 decimal places. Date Beginning Balance Payment Year 1 Year 2 Year 3 Interest Principal Ending Balance
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