Leave no cells plank - De certain to enter "U" wherever requirea.)Year Beginning Balance Total Payment Interest Payment Principal Payment1$72,000.00 $ 18,032.86 $5,760.00 $12,272.86 $259,727.1418,032.864,778.1713,254.69346,472.4418,032.863,717.8014,315.07432,157.3718,032.862,572.5915,460.27516,697.1018,032.861,335.7716,697.10Ab. Interest paid in third yearc. Interest paid over the life of loan✔Ending Bala59,746,4;32,1516,69b. How much interest is paid in the third year? (Do not round intermediate calculationsand round your answer to 2 decimal places, e.g., 32.16.)c. How much total interest is paid over the life of the loan? (Do not round intermediatecalculations and round your answer to 2 decimal places, e.g., 32.16.)

Interest is the financial burden which needs to be paid for acquiring certain amount of money over a…

Year Beginning Balance 1 $ 72,000.00 2 59,727.14 3 46,472.44 4 32,157.37 5 16,697.10 Total Payment $ Interest Payment Principal Payment Endin 12,272.86 $ 13,254.69 14,315.07 15,460.27 16,697.10 18,032.86 $ 18,032.86 18,032.86 18,032.86 18,032.86 A 5,760.00 $ 4,778.17 3,717.80 2,572.59 1,335.77 J b. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Year Beginning Balance 1 $ 72,000.00 2 59,727.14 3 46,472.44 4 32,157.37 5 16,697.10 Total Payment $ Interest Payment Principal Payment Endin 12,272.86 $ 13,254.69 14,315.07 15,460.27 16,697.10 18,032.86 $ 18,032.86 18,032.86 18,032.86 18,032.86 A 5,760.00 $ 4,778.17 3,717.80 2,572.59 1,335.77 J b. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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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Find A and B Principal $8,425 Interst rate: 8.2% Time 60 days Simple Interest: A Total Amount owed: B
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