Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,128.11.(1)Date(2)Cash Paid11/1/202411/30/2024$1,128.1112/31/20241,128.1110/31/20271,128.11(3)Interest ExpenseCarrying Value xInterest Rate$240.00234.08(4)Decrease inCarrying Value(2) (3)$888.11894.037.471,120.64(5)Carrying ValuePrior Carrying Value(4)$36,000.0035,111.8934,217.8601. 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. Rounyour answer to 2 decimal places.)5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.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.

Part 2: Explanation:1. To find the principal amount of the note, we look at the initial carrying…

Answered: Presented below is a partial…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 27E

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The following is an amortization schedule for a loan of $5000 to be repaid over two years at 7% compounded semiannually (depicted below in the table). Find the value of A, B, C, and D.
Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Paid on Interest Rate Payment Paid Principal Balance 11.6% $425.57 $64.23 $361.34 $6,280.78 Fill out the amortization schedule below. Annual Interest Paid on Payment Balance Interest Rate Paid Principal 11.6% $425.57 $64.23 $361.34 $6,280.78 (Round to the nearest cent as needed.)
Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Rate Payment Interest Paid Paid on Principal Balance 5.4% $289.80 $21.30 $268.50 $4,464.20 Fill out the amortization schedule below. Annual Interest Rate Payment Interest Paid Paid on Principal Balance 5.4% $289.80 $21.30 $268.50 $4,464.20 $______ $_______ $_______ $_____ (Round to nearest cent as needed)
Assuming a 360-day year, when a $11,200, 90-day, 5% interest-bearing note payable matures, the total payment will be Oa. $560 Ob. $140 Oc. $11,760 Od. $11,340 0 0 0 0
Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Paid on Interest Paid Annual Interest Rate Payment $175.92 Balance Principal $159.58 6.9% $16.34 $2,681.75 Fill out the amortization schedule below. Annual Interest Rate Paid on Principal $159.58 Interest Payment Balance Paid 6.9% $175.92 $16.34 $2,681.75 (Round to the nearest cent as needed.)
Complete the equal-payments four -year amortization table. Interest rate on this loan is 7.5%.YearBeginning PrincipalPaymentInterest ExpensePrincipal ReductionEnding Principal1$8,000.00234?
The debt is amortized by the periodic payment shown. Compute (a) the number of pa indicated. Debt Principal Debt Payment $15,000 $1348 Payment Interval 3 months Interest Rate 10% Conversion Period quarterly Outs Princi 8th ... (a) The number of payments required to amortize the debt is (Round the final answer up to the nearest whole number. Round all intermediate value
Assuming a 360-day year, when a $11,392, 90-day, 10% interest-bearing note payable matures, total payment will be a. $11,677 Ob. $12,531 Oc. $1,139 Od. $285 That's Built PlueA
The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt; (b) the outstanding principal at the time indicated. Outstanding Principal After: semi-annualy 6th payment Conversion Payment Debt PrincipalDebt Payment Interval 6 months Interest Rate Period $16,000 $891 (a) The number of payments required to amortize the debt is (Round the final answer up to the nearest whole number. Round allintermediate values to six decimal places as needed.) (b) The outstanding principal is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal piaces as needed.)
The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time indicated. Outstanding Principal After: 6th payment Conversion Payment Interval Interest Rate Period Debt PrincipalDebt Payment $14.000 $893 3 months 9% quarterly (a) The number of payments required to amortize the debt is (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt; (b) the outstanding principal at the time indicated. Payment Interval Conversion Debt PrincipalDebt Payment $14,000 Outstanding Principal After: 7th payment Interest Rate Period $875 1 month 12% monthly (a) The number of payments required to amortize the debt is. (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
A non-interest bearing promissory note has a face value of $950. Find the proceeds of this note if it is discounted 3½ years before its maturity date at 8% compounded quarterly. Select one: a. $719.98 b. $771.65 c. $657.22 d. $725.67

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