Swifty 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: st Period ue date 1 3 Cash Payment $16.097 $ Interest Expense 3.817 2.037 1,054 Reduction of Principal $11,477 13,140 15,043 Principal Balance $66,000 54,523 42.243 15,043
Swifty 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: st Period ue date 1 3 Cash Payment $16.097 $ Interest Expense 3.817 2.037 1,054 Reduction of Principal $11,477 13,140 15,043 Principal Balance $66,000 54,523 42.243 15,043
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...
Related questions
Question
104.
![Swifty 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:
Interest Period
Issue date
1
2
Cash Payment
$16.097
$
Interest Expense
3.817
2,037
1,054
Reduction of Principal
$11,477
13,140
15,043
Principal Balance
$66,000
54.523
42.243
15,043](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22156c6e-a823-4962-a1e1-1a515f05e941%2Ff13cb001-4d2d-4e56-9129-187dba821352%2Fzmwstxa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Swifty 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:
Interest Period
Issue date
1
2
Cash Payment
$16.097
$
Interest Expense
3.817
2,037
1,054
Reduction of Principal
$11,477
13,140
15,043
Principal Balance
$66,000
54.523
42.243
15,043
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