Sheridan Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is partially completed: (a) Fill in the missing amounts. Cash Payment $12.683 12.683 12.683 12.683 12.683 Interest Expense 3.007 1,605 833 Reduction of Principal $9,043 10,353 11,850 Principal Balance $52,000 42.957 33.281 11.850
Sheridan Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is partially completed: (a) Fill in the missing amounts. Cash Payment $12.683 12.683 12.683 12.683 12.683 Interest Expense 3.007 1,605 833 Reduction of Principal $9,043 10,353 11,850 Principal Balance $52,000 42.957 33.281 11.850
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheridan Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The
following instalment payment schedule is partially completed:
(a)
Fill in the missing amounts.
Cash Payment
$12,683
12,683
12.683
12,683
12.683
$
Interest Expense
3,007
1,605
833
Reduction of Principal
$9,043
10,353
11,850
Principal Balance
$52,000
42,957
33.281
11,850
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