As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)Termof Loan(years)AnnualMonthlyPITIAmountInterestMonthlyPIPropertyAnnualInsuranceFinancedRateTax$124,7006.75%15$2,370$1,355Prepare an amortization schedule for the first 3 payments (in $) of a $78,000 mortgage at 5% for 20 years. Use this table. (Round your answers to the nearest cent.)Payment Number Monthly Payment Monthly Interest Portion Used to Reduce PrincipalLoan Balance$|$|124242%24Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.)TableMonthlyPayment(in $)TermNumberTotalAmountInterestof $1,000sFinancedof LoanFactorInterestFinancedRate(years)(in $)(in $)$162,3007.25%15$$$

Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in s), using this table and the monthly PETI (in $) for the mortgage. (Round dellars to the nearest cent.) Term Annual Annual Monthly PITI Amount Interest Monthly PI of Loan Property Тах Financed Rate Insurance (years) $124,700 6.75% 15 $2,370 $1,355

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in s), using this table and the monthly PETI (in $) for the mortgage. (Round dellars to the nearest cent.) Term Annual Annual Monthly PITI Amount Interest Monthly PI of Loan Property Тах Financed Rate Insurance (years) $124,700 6.75% 15 $2,370 $1,355

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

See similar textbooks

Similar questions

Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1.
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan include a repayment of principal in ten equal installments, paid annually from March 1. The annual interest rate on the loan is 8%, recognized on December 31. (Round answers to the nearest whole dollar if needed.) A. Compute the interest recognized as of December 31 in year 1 rounded to the whole dollar. B. Compute the principal due in year 1.
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $260,000 9.50% 25 $ $6,573 $2,126 $