Mr. Owen is buying a new washer/dryer for $2459 at Home Depot. There is 7.5% sales tax added to his purchase. He plans to charge this to his Home Depot credit card, which earns 19.5% APR. He wants to pay $245 per month to the credit card. Fill in the amortization table to calculate how long it will take to pay off the loan. Month Balance Interest Amt. Applied to Principal New Balance 1 $2441.39 2 $2441.39 3 $36.34 $208.66 $2027.40 4 $2027.40 $32.95 $212.05 $1815.35 8 $226.18 $932.11 $231.29 $3.76 ----
Mr. Owen is buying a new washer/dryer for $2459 at Home Depot. There is 7.5% sales tax added to his purchase. He plans to charge this to his Home Depot credit card, which earns 19.5% APR. He wants to pay $245 per month to the credit card. Fill in the amortization table to calculate how long it will take to pay off the loan. Month Balance Interest Amt. Applied to Principal New Balance 1 $2441.39 2 $2441.39 3 $36.34 $208.66 $2027.40 4 $2027.40 $32.95 $212.05 $1815.35 8 $226.18 $932.11 $231.29 $3.76 ----
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...
Related questions
Question
Mr. Owen is buying a new washer/dryer for $2459 at Home Depot. There is 7.5% sales tax added to his purchase. He plans to charge this to his Home Depot credit card, which earns 19.5% APR. He wants to pay $245 per month to the credit card. Fill in the amortization table to calculate how long it will take to pay off the loan.
| Month | Balance | Interest | Amt. Applied to Principal | New Balance |
| 1 | $2441.39 | |||
| 2 | $2441.39 | |||
| 3 | $36.34 | $208.66 | $2027.40 | |
| 4 | $2027.40 | $32.95 | $212.05 | $1815.35 |
| 8 | $226.18 | $932.11 | ||
| $231.29 | $3.76 | ---- |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
