Ruby Bakeshop obtains a loan of P500,000, with interest at 8% compounded quarterly, for the construction of a new branch in Angeles City. The owner will repay the loan by payments made quarterly for 2 1/2 years. Create an amortization schedule to answer the following questions: 1. How much principal repayment paid in the 9th payment period? 2. How much is the present outstanding balance on the 7th payment period? 3. How much is the total interest? 4. How much is the interest paid in the 5th payment? 5. Find the quarterly payment.
Ruby Bakeshop obtains a loan of P500,000, with interest at 8% compounded quarterly, for the construction of a new branch in Angeles City. The owner will repay the loan by payments made quarterly for 2 1/2 years. Create an amortization schedule to answer the following questions: 1. How much principal repayment paid in the 9th payment period? 2. How much is the present outstanding balance on the 7th payment period? 3. How much is the total interest? 4. How much is the interest paid in the 5th payment? 5. Find the quarterly payment.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1EB: Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the...
Related questions
Question
100%
Ruby Bakeshop obtains a loan of P500,000, with interest at 8% compounded quarterly, for the construction of a new branch in Angeles City. The owner will repay the loan by payments made quarterly for 2 1/2 years. Create an amortization schedule to answer the following questions:
1. How much principal repayment paid in the 9th payment period?
2. How much is the present outstanding balance on the 7th payment period?
3. How much is the total interest?
4. How much is the interest paid in the 5th payment?
5. Find the quarterly payment.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning