he following is an extraction from an mortisation schedule for a filling station. me loan will be paid off in 15 years. lonth Outstanding Interest Payment Principal Outstandi due at repaid principal principal at the the end month er beginning of the of the month
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- Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three 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 February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.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. $2,383Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit 2 withdrawals: 40,000 at the end of 4 years and 50,000 at the end of 10 years. Analyze the problem to determine the required deposit, stating the procedure to follow and the tables to use in developing the solution.
- Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On November 6, Pickles borrows $820,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in six months from November 6, and annual interest rate of 3%. B. On December 12, Pickles borrows an additional $200,000 with payment due in three months from December 12, and an annual interest rate of 10%. C. Pickles pays its accounts in full on March 12, for the December 12 loan, and on May 6 for the November 6 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Pickles.Scheduled payments of $1010due five months ago and $1280due today are to be repaid by apayment of $615 in four monthsand the balance in sevenmonths. If money is worth 7.75%p. a. and the focal date is inseven months, what is theamount of the final payment?"Please show complete steps with Training formulaComplete the following from the first three lines of an amortization schedule for the following loan:You borrow $ 150000 with an annual interest rate of 8.75% over 15 years Starting principal = $ 150000New balance after month 1 payment = New balance after month 2 payment = New balance after month 3 payment =
- A firm purchased heavy cable and 4 inch conduit on credit and agreed to pay 10% interest rate per annum. Purchases are made in October for cable costing $756.80 and in December for conduit costing $1,325.25. If full payment is made by March 1st of the following year, how much is paid? (Charge interest for the full month of purchase)Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $680,000. The terms of the loan are 3.4% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank f6a95d01507605c_1 B. 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. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 fill in the blank 1acca4f97faa002_2 fill in the blank 1acca4f97faa002_3 fill in the blank 1acca4f97faa002_5 fill in the blank 1acca4f97faa002_6 May 20 fill in the blank 1acca4f97faa002_8 fill in the blank 1acca4f97faa002_9 fill in the blank 1acca4f97faa002_11 fill in the blank…An automobile loan of $15,000 at 12% APR compounded monthly for 36 months requires equal monthly payments of $498.21. (a) Complete the following table for the first two payment periods as you would expect the bank to calculate the values (show all calculations made below the table): End of Month(n) Interest Payment Repayment of Principal Remaining Loan Balance 0 N/A N/A $15,000 1 $348.21 2 $146.52 b) What is the portion of the prinicple payment to be made in the 23rd month?
- solve the following using the concept of amortization 1.Show the amprtization schedule for a loan ₱15.000 at 4% interest compounded monthly, payable for 12 monthsWe will use Excel PMT function to calculate the payment Rand then create an amortization schedule for the problem below: The Turners have purchased a house for $250,000. They made an initial down payment of $50,000 and secured a mortgage with interest charged at the rate of 6%/year on the unpaid balance . Interest computations are made at the end of each month . Assume that the loan is amortized over 15 years . Determine the size of each installment such that the loan is amortized at the end of the term Type the raw data of P, r, m, t into cells Calculate i by its definition Calculate n by its definition Calculate R by Excel function PMT. Note : please reference in PMT What will be their total interest payment ?11. Scheduled loan payments of $1105 due in 9 months and $1216 due in 24 months are rescheduled as a payment of $416 due in 39 months and a second payment due in 42 months. Determine the size of the second payment it interestis 8.9% compounded semi-annually and the foca date is 42 months from now
