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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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ExerciseInstallment Notes

ABC bank loans $250,000 to Yossarian to purchase a new home. Yossarian will repay the note in equal monthly payments over a period of 30 years. The interest rate is 12%.

Required:

If the monthly payment is $2,571.53, how much of the first payment is interest expense and how much is principal repayment? (Note: Round to the nearest cent.)

To determine

Concept introduction:

Installment Note:

A note payable may be paid in equal installments. Each installment is sum of the interest and part of the principal repayment. The interest and principal part calculation can be done using the effective interest method.

To calculate:

The interest and principal repayment in the first installment of the note.

Explanation

The interest and principal repayment in the first installment of the note is explained as follows:

Interest payment in...

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