Present Value of anOrdinary Annuity TableRate (i)1%3%5%8%10%12%15%20%2%0.990 0.9801.970 1.9420.9710.9520.9260.909 0.893 0.8700.8331.9131.8591.7831.736 1.690 1.6261.5282.941 2.8842.8292.7232.577 2.487 2.402 2.2832.1063.902 3.8083.7173.5463.3123.170 3.037 2.8552.5894.853 4.7134.5804.3293.9933.7913.605 3.3522.9915.795 5.6015.4175.0764.6234.3554.111 3.7853.3266.728 6.4726.2305.7865.206 4.8684.5644.1603.6057.6527.3257.0206.4635.7475.3354.968 4.4873.83798.5668.1627.786 7.108 6.2475.7595.328 4.7724.031109.4718.9838.5307.7226.7106.145 5.6505.019 4.1921110.3689.787 9.2538.3067.1396.495 5.9385.2344.3271211.255 10.575 9.9548.8637.536 6.8146.1945.4214.4391312.13411.348 10.6359.3947.9047.1036.4245.583 4.5331413.0049.899 8.2447.3676.6285.7254.6111513.865 12.84912.106 11.29611.938 10.380 8.55912.561 10.838 8.8517.606 6.811 5.8474.6751614.718 13.5787.8246.974 5.9544.7307.120 6.0474.7756.1284.81217 15.562 14.292 13.166 11.274 9.1228.02218 16.398 14.992 13.754 11.690 9.372 8.201 7.25019 17.226 15.678 14.324 12.085 9.604 8.365 7.366 6.19820 18.046 16.351 14.877 12.462 9.818 8.5144.8447.4696.2594.870Figure B2 Present Value of an Ordinary Annuity Table.Period (n)Present Value of an Ordinary Annuity Table[1 - 1 / (1 + i)"]Factor12345678 Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest rate was 8% compoundedannually.1. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook E, calculate the factor.2. Next, determine the annual payment amount.3. Then, determine the interest portion of the payment for year 1.4. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.

The time value of money is a concept that elaborates that the worth of the money changes if same…

Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest rate was 8% compounded annually. 1. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook B, calculate the factor. 2. Next, determine the annual payment amount. 3. Then, determine the interest portion of the payment for year 1. 4. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.

Halep Inc. borrowed $39,070 from Davis Bank and signed a 1-year note payable stating the interest rate was 8% compounded annually. 1. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook B, calculate the factor. 2. Next, determine the annual payment amount. 3. Then, determine the interest portion of the payment for year 1. 4. Finally, determine the principal portion of the payment for year 1. Round to the nearest penny, two decimal places.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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