Loan $ 26,000 Down Payment $ 5,000 Time 36 months Rate 11 % Monthly Payments?
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Loan | $ | 26,000 | ||
Down Payment | $ | 5,000 | ||
Time | 36 | months | ||
Rate | 11 | % | ||
Monthly Payments? |
Calculate the monthly payment by using the loan amortization table
Step by step
Solved in 2 steps
- Current liabilities Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn for 85 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of 840,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the current liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of 150,000. A. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. B. Determine the proceeds of the note, assuming the note is discounted at 10%.Journalizing installment notes On the first day of the fiscal year, a company issues 45,000, 8%, six-year installment notes that have annual payments of 9,734. The first note payment consists of 3,600 of interest and 6,134 of principal repayment. A. Journalize the entry to record the issuance of the installment notes. B. Journalize the first annual note payment