Answered: Calculate the total payoff amount if…

Calculate the total payoff amount if you tripled the original $30 monthly payment to $90 per month. (number of months x monthly payment amount.) How much of that payoff would be interest payments?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6MC: On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest...

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Question

Calculate the total payoff amount if you tripled the original $30 monthly payment to $90 per month. (number of months x monthly payment amount.) How much of that payoff would be interest payments?

DEBT PAYOFF CHART #3
Total Debt (also called the principal)
Interest Rate
$1,000 Monthly Payment
12.99%
Total Months to Payoff
$90
12

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