This amortization table shows the first 3payments and the last 3 payments on amortgage.Payment Monthly Interest PrincipalOutstandingnumber payment paidpaidbalance$120000.00$119746.95$119492.58$119236.90$1735.38$869.43$1.011$874.94$621.89 $253.052$874.94$620.58 $254.363$874.94$619.26 $255.68$874.94 $13.46 $861.48$874.94$874.94238$8.99 $865.95$4.51 $870.43239240What is the total interest paid over the life ofthe mortgage?

Answer to Question: Total Interest paid over the life of the mortgage=89,984.94 (Refer Workings)…

Answered: What is the total interest paid over…

Principles of Accounting Volume 1

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ISBN:9781947172685

Author:OpenStax

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Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000 what is the amount of interest expense on the loan for 2021? *forgot to add what year it was asking for in the previous problem*
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A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000 what is the amount of interest expense on the loan?
The following amortization schedule indicates the interest and principal that Chip’s Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Year Beginning Notes Payable Interest Expense Repaid Principal on Notes Payable Ending Notes Payable 1 39,000 2,730 8,784 30,216 2 30,216 2,115 9,399 20,817 3 20,817 1,457 10,057 10,760 4 10,760 753 10,760 0 Total 7,055 39,000 Use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of interest expense to report in the year ended December 31, 2021 (Year 1); (c) the note payable balance at January 1, 2024; and (d) the total interest and total principal paid over the note’s entire life. (Round your answers to the nearest whole dollar amount.)
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What is the total interest paid over the life of the mortgage?