Gg.104. Jorge bought an executive desk for $7,000. Based on his income, Jorge could only afford to pay back $800 per month(payment made on the on the last day of the month). The charge on the unpaid balance is 1½ %. The U.S. Rule is used inthis calculation. Complete the table below to show the payments and balances for the first four months.Show all work.Month123BalanceDue$7,000InterestAccruedMonthlyPaymentReduction inBalanceNewBalance

Interest rate of 1.5% is assumed as p.a. and it is charged on pending balance outstanding.

Jorge bought an executive desk for $7,000. Based on his income, Jorge could only afford to pay back $800 per month (payment made on the on the last day of the month). The charge on the unpaid balance is 12 %. The U.S. Rule is used i this calculation. Complete the table below to show the payments and balances for the first four months. Show all work. Month 1 2 3 4 Balance Due $7,000 Interest Accrued Monthly Payment Reduction in Balance New Balance

Jorge bought an executive desk for $7,000. Based on his income, Jorge could only afford to pay back $800 per month (payment made on the on the last day of the month). The charge on the unpaid balance is 12 %. The U.S. Rule is used i this calculation. Complete the table below to show the payments and balances for the first four months. Show all work. Month 1 2 3 4 Balance Due $7,000 Interest Accrued Monthly Payment Reduction in Balance New Balance

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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