Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1. (1) Date (2) Cash Paid 11/1/2024 11/30/2024 $1,316.13 12/31/2024 1,316.13 10/31/2027 1,316.13 (3) Interest Expense Carrying Value x Interest Rate $280.00 273.09 ⠀ 8.72 (4) Decrease in Carrying Value (2) (3) $1,036.13 1,043.04 1,307.41 (5) Carrying Value Prior Carrying Value (4) $42,000.00 40,963.87 39,920.83 ⠀ 8 1. What is the principal amount of the note? 2. What is the total number of monthly payments? 3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.)

Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1. (1) Date (2) Cash Paid 11/1/2024 11/30/2024 $1,316.13 12/31/2024 1,316.13 10/31/2027 1,316.13 (3) Interest Expense Carrying Value x Interest Rate $280.00 273.09 ⠀ 8.72 (4) Decrease in Carrying Value (2) (3) $1,036.13 1,043.04 1,307.41 (5) Carrying Value Prior Carrying Value (4) $42,000.00 40,963.87 39,920.83 ⠀ 8 1. What is the principal amount of the note? 2. What is the total number of monthly payments? 3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is a partial amortization schedule for a three-year Installment note requiring monthly payments of $1,974.19. () Interest Expense (4) Decrease in Carrying Value (1) Date (2) Cash Paid Carrying Value (S) Carrying Value Prior Carrying Value Interest Rate (2)-83) (4) 11/1/2024 11/30/2024 $1,974.19 12/31/2024 1,974.19 $420.00 409.64 $1,554.19 1,564,55 $63,000.00 61,445.81 59,881.26 10/31/2027 1,974.19 13.07 1,961.12 1. What is the principal amount of the note? 2. What is the total number of monthly payments? 3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.) 4. What is the total amount of interest paid over the entire period of the note? (Do not round your intermediate calculations. Round your answer to 2 decimal places.) 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time. 1. Principal amount 2. Total number of monthly payments 3. Total cash paid 4 Total amount of…
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