Bob Jones bought a new log cabin for $70,000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) TABLE 15-1 Amortization table (mortgage principal and interest per $1,000)INTERESTTermIn years31%5%5%6%61%7%74%8%8:%9%9%10%10%11%109.8910.6110.8611.1111.3611.6211.8812.1412.4012.6712.9413.2213.5013.78128.529.259.519.7610.0210.2910.5610.8311.1111.3911.6711.9612.2512.54157.157.918.188.448.728.999.289.569.8510.1510.4510.7511.0611.37176.527.29P.567.848.128.408.698.999.299.599.9010.2210.5410.86205.806.606.887.177.467.768.068.378.689.009.339.669.9910.33225.446.206.516.827.137.447.758.078.398.729.059.399.7310.08255.015.856.156.456.767.077.397.728.068.408.749.099.459.81304.505.375.686.006.336.667.007.347.698.058.418.789.159.53353.995.055.385.716.056.396.757.117.477.848.228.608.999.37

The loan which are paid in installments as annuity follows the amortization process in which the…

Bob Jones bought a new log cabin for $70,000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)

Bob Jones bought a new log cabin for $70,000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 74E

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Question

Bob Jones bought a new log cabin for $70,000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)

TABLE 15-1 Amortization table (mortgage principal and interest per $1,000)
INTEREST
Term
In years
31%
5%
5%
6%
61%
7%
74%
8%
8:%
9%
9%
10%
10%
11%
10
9.89
10.61
10.86
11.11
11.36
11.62
11.88
12.14
12.40
12.67
12.94
13.22
13.50
13.78
12
8.52
9.25
9.51
9.76
10.02
10.29
10.56
10.83
11.11
11.39
11.67
11.96
12.25
12.54
15
7.15
7.91
8.18
8.44
8.72
8.99
9.28
9.56
9.85
10.15
10.45
10.75
11.06
11.37
17
6.52
7.29
P.56
7.84
8.12
8.40
8.69
8.99
9.29
9.59
9.90
10.22
10.54
10.86
20
5.80
6.60
6.88
7.17
7.46
7.76
8.06
8.37
8.68
9.00
9.33
9.66
9.99
10.33
22
5.44
6.20
6.51
6.82
7.13
7.44
7.75
8.07
8.39
8.72
9.05
9.39
9.73
10.08
25
5.01
5.85
6.15
6.45
6.76
7.07
7.39
7.72
8.06
8.40
8.74
9.09
9.45
9.81
30
4.50
5.37
5.68
6.00
6.33
6.66
7.00
7.34
7.69
8.05
8.41
8.78
9.15
9.53
35
3.99
5.05
5.38
5.71
6.05
6.39
6.75
7.11
7.47
7.84
8.22
8.60
8.99
9.37

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