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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Presented below is a partial amortization schedule for a three-year Installment note requiring monthly payments of $1,974.19. () Interest Expense (4) Decrease in Carrying Value (1) Date (2) Cash Paid Carrying Value (S) Carrying Value Prior Carrying Value Interest Rate (2)-83) (4) 11/1/2024 11/30/2024 $1,974.19 12/31/2024 1,974.19 $420.00 409.64 $1,554.19 1,564,55 $63,000.00 61,445.81 59,881.26 10/31/2027 1,974.19 13.07 1,961.12 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. 1. Principal amount 2. Total number of monthly payments 3. Total cash paid 4 Total amount of…
Calculate the principal and interest portions of the specified payment for this ordinary annuty, and give the balance remaining after that payment For full marks your answer should be rounded to the nearest cont Payment Principal Interest Balance Payment Frequency Term Number to Find Interest Payment Loan Principal Paid Paid After Payment 4. 0.00 0.00 0.00 $45,000.00 3.50 % compounded quarterly $3,250.97 Semi-annual 8 years
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.
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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.)
Use chart and round to nearest cent
Assuming a 360-day year, when a $12,750, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $1,403 $14,153 $13,101 $351
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The debt is amortized by equal payments made at the end of each payment interval. Compute (a) the size of the periodic payments; (b) the outstanding principal at the time indicated: (c) the interest paid by the payment following the time indicated; and (d) the principal repaid by the payment following the time indicated for finding the outstanding principal. Debt Principal $15,000 Repayment Period 5 years Payment Interval 6 months Interest Rate 6% Conversion Period semi-annually (b) The outstanding principal after the 8th payment is $ (Round the final answer to the nearest cent as needed. Outstanding Principal After: 8th payment (a) The size of the periodic payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Round all intermediate values to six decimal places as needed.) (c) The interest paid by the 9th payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six…

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