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Osing Excer to Calculate Loan Payments PROBLEM Jenseng Inc. issues a 10-year mortgage loan on December 31, 2022 with the following information: Mortgage loan amount Annual interest rate Loan term in years Annual installment payment $ 800,000 10% 10 $ 130,196 Student work Area Required: Provide input into cells shaded in yellow in this template. Use the PMT function with cell references in part a to the Problem area. Input cell references in parts b and c. In part c, use mathematical formulas with cell references to the Problem area to calculate both debit amounts, and a cell reference to the Cash amount you calculated in part a. a. Verify the annual mortgage payment amount using Excel's PMT function. Verification of payment using PMT $ (21.189) b. Record the journal entry for mortgage loan on December 31, 2022. Debit Date 12/31/22 c. Record the journal entry for the first installment payment on December 31, 2023. Date Debit Credit 000 Credit

Osing Excer to Calculate Loan Payments PROBLEM Jenseng Inc. issues a 10-year mortgage loan on December 31, 2022 with the following information: Mortgage loan amount Annual interest rate Loan term in years Annual installment payment $ 800,000 10% 10 $ 130,196 Student work Area Required: Provide input into cells shaded in yellow in this template. Use the PMT function with cell references in part a to the Problem area. Input cell references in parts b and c. In part c, use mathematical formulas with cell references to the Problem area to calculate both debit amounts, and a cell reference to the Cash amount you calculated in part a. a. Verify the annual mortgage payment amount using Excel's PMT function. Verification of payment using PMT $ (21.189) b. Record the journal entry for mortgage loan on December 31, 2022. Debit Date 12/31/22 c. Record the journal entry for the first installment payment on December 31, 2023. Date Debit Credit 000 Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can someone help me solve this using PMT Function? 

 

File Home Insert Page Layout X LG AutoSave Paste J13 Clipboard 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 N < Ready Off Liberation Sans B I U 92°F Partly sunny H Font A B 3 Using Excel to Calculate Loan Payments 4 Mortgage loan amount Annual interest rate 12 Enter Answer Accessibility: Investigate X✓ fx =PMT(C9,C10,C11) Loan term in years Annual installment payment ▼ CH25Homework Questio... Saved to this PC ✓ Formulas Data Review ✓ A^ A A M PROBLEM 5 Jenseng Inc. issues a 10-year mortgage loan on December 31, 6 2022 with the following information: 7 8 9 10 11 12 13 + с N == D $ 800,000 10% 10 $ 130,196 View Automate =+=+ ab Wrap Text Alignment E Merge & Center F Help G N Q Search Search Date 12/31/23 H Custom $ %95-000 Number Fy Student work Area Required: Provide input into cells shaded in yellow in this template. Use the PMT function with cell references in part a to the Problem area. Input cell references in parts b and c. In part c, use mathematical formulas with cell references to the Problem area to calculate both debit amounts, and a cell reference to the Cash amount you calculated in part a. Conditional Format as Formatting ✓ Table ✓ Styles a. Verify the annual mortgage payment amount using Excel's PMT function. Verification of payment using PMT b. Record the journal entry for mortgage loan on December 31, 2022. Debit Date 12/31/22 Interest Expense Mortgage Payable Cash c. Record the journal entry for the first installment payment on December 31, 2023. $ (21,189) H Debit Cell Styles 13,020 786,980 amazon ⠀ Credit Credit ←T T> Insert Delete Format 800,000 O Cells L M Σ AutoSum ✔Fill ✓Clear ✓ N Leah Vazquez AY Sort & Find & Filter Select ✓ Editing O P m E ENG Comments Sensitivity Analyze Data Analysis Sensitivity Q R Share S 5:23 PM 7/13/2023 X ▶ 90%
Transcribed Image Text:File Home Insert Page Layout X LG AutoSave Paste J13 Clipboard 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 N < Ready Off Liberation Sans B I U 92°F Partly sunny H Font A B 3 Using Excel to Calculate Loan Payments 4 Mortgage loan amount Annual interest rate 12 Enter Answer Accessibility: Investigate X✓ fx =PMT(C9,C10,C11) Loan term in years Annual installment payment ▼ CH25Homework Questio... Saved to this PC ✓ Formulas Data Review ✓ A^ A A M PROBLEM 5 Jenseng Inc. issues a 10-year mortgage loan on December 31, 6 2022 with the following information: 7 8 9 10 11 12 13 + с N == D $ 800,000 10% 10 $ 130,196 View Automate =+=+ ab Wrap Text Alignment E Merge & Center F Help G N Q Search Search Date 12/31/23 H Custom $ %95-000 Number Fy Student work Area Required: Provide input into cells shaded in yellow in this template. Use the PMT function with cell references in part a to the Problem area. Input cell references in parts b and c. In part c, use mathematical formulas with cell references to the Problem area to calculate both debit amounts, and a cell reference to the Cash amount you calculated in part a. Conditional Format as Formatting ✓ Table ✓ Styles a. Verify the annual mortgage payment amount using Excel's PMT function. Verification of payment using PMT b. Record the journal entry for mortgage loan on December 31, 2022. Debit Date 12/31/22 Interest Expense Mortgage Payable Cash c. Record the journal entry for the first installment payment on December 31, 2023. $ (21,189) H Debit Cell Styles 13,020 786,980 amazon ⠀ Credit Credit ←T T> Insert Delete Format 800,000 O Cells L M Σ AutoSum ✔Fill ✓Clear ✓ N Leah Vazquez AY Sort & Find & Filter Select ✓ Editing O P m E ENG Comments Sensitivity Analyze Data Analysis Sensitivity Q R Share S 5:23 PM 7/13/2023 X ▶ 90%
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