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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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