Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR. Enter the data for the firstthree months. (Round your answers to 2 decimal places.)Month123BeginningBalance$ 5,000.00Total PaymentInterest PaidPrincipal Paid Ending Balance

Here,Loan Amount is $5,000Time Period of Loan is 2 yearsInterest Rate on Loan is 8%Compounding…

Answered: Create the amortization schedule for a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...

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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?
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
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Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR. Enter the data for the first hree months. (Round your answers to 2 decimal places.) Month 1 2 3 Beginning Balance $ 5,000.00 Total Payment Interest Paid Principal Paid Ending Balance