Use the amortization table below to answer the following questions. The loan is for 5 years at 5.5% interest on a $30,000 car. Year Interest Principal Balance 2011 $1,516.22 $5,360.20 $24,639.80 2012 $1,213.86 $5,662.56 $18,977.24 2013 $894.45 $5,981.97 $12,995.27 2014 $557.02 $6,319.40 $6,675.87 2015 $200.55 $6,675.87 $0.00 a. How much are the yearly payments? b. If you traded your car in at the end of the 3 rd year (2013) and it was worth $15,500, how much would you get to put towards the new car that you are buying after paying back the bank?

Use the amortization table below to answer the following questions. The loan is for 5 years at 5.5% interest on a $30,000 car. Year Interest Principal Balance 2011 $1,516.22 $5,360.20 $24,639.80 2012 $1,213.86 $5,662.56 $18,977.24 2013 $894.45 $5,981.97 $12,995.27 2014 $557.02 $6,319.40 $6,675.87 2015 $200.55 $6,675.87 $0.00 a. How much are the yearly payments? b. If you traded your car in at the end of the 3 rd year (2013) and it was worth $15,500, how much would you get to put towards the new car that you are buying after paying back the bank?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EB: Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the...

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Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
Use the amortization table below to answer the following questions. The loan is for 6 years at 4.5% interest on a $40,000 car. Year Interest Principal Balance 2011 $1,678.46 $5,941.08 $34,058.92 2012 $1,405.53 $6,214.01 $27,844.92 2013 $1,120.06 $6,499.48 $21,345.44 2014 $821.47 $6,798.06 $14,547.38 2015 $509.17 $7,110.36 $7,437.01 2016 $182.52 $7,437.01 $0.00 How much are the yearly payments? b. If you traded your car in at the end of the 4 th year (2014) and it was worth $16,500, how much would you get to put towards the new car that you are buying after paying back the bank?
Develop an amortization schedule for the loan described. (All answers should be entered in dollars. Round your answers to the nearest cent.) $90,000 for 2 years at 10% compounded semiannually Balance Reduction. Period 1 2 3 4 5 Payment $ S S $ $ $ S Interest $ $ $ $ $ Unpaid Balance $90,000 0000 $0.00
Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $130,000 for 3 years at 10% compounded annually Period Payment Interest Balance Reduction Unpaid Balance $130, 000 1 $ $ $ $2$$$$3$ $$ $0.00
Construct an amortization schedule for a $1,000, 3.9% annual rate loan with 3 equal payments. The first payment will be made at the end of the 1st year. Find the required annual payments Selected Answer: $356.9 Answers: $356.9 $359.7 $367.2 $370.5 what’s the ending balance of the amortized loan at the end of the first year? Selected Answer: $678.1 Answers: $650.2 $669.1 $678.1 $679.3
Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home down payment principal (loan) Rate of interest years payment per $1,000 Monthly $160,000 $20,000 3 1/2% 30 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892 3.50818 3.000 0.25000 9.65607…
Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home Down payment 192,000 $ 60,000 Principal (loan) Rate of interest 6.5 % Years 40 Payment per $1,000 Monthly mortgage payment
On a loan of $1400, interest at 9% effective must be paid at the end of each year. The borrower also deposits $X at the beginning of each year into a sinking fund earning 4.7% effective. At the end of 10 years the sinking fund is exactly sufficient to pay off the loan. Calculate X. A. $ 1617.11 B. $ 1078.07 C. $ 1347.59 D. $ 1724.92 E. $ 1232.09
Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home $ Down payment 75,000 $ Principal (loan) 4,000 $ 71,000.00 Rate of interest 5.5 % Years 30 Payment per $1,000 Monthly Martege Payment r
Use the following amortization chart: Selling price of home $ 99,000 Down payment $ 5,000 Principal (loan) $ 94,000 Total cost of interest Rate of interest 5.5% Years 30 Payment per $1,000 $ 5.6779 Monthly mortgage payment $ 533.72 What is the total cost of interest? Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.
Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home: $198,000 Down payment: $60,000 Principal (loan): 138,000 Rate of interest: 6.5% Years: 25 Payment per $1,000: ??? Monthly mortgage payment:???? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892 3.50818 3.000…
Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $15,000 for 1 year at 12% compounded quarterly Period Payment Interest Balance Reduction Unpaid Balance $15,000 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $0.00