Kohler Kleaners borrowed $50,000 on June 1, 2012, to finance the purchase of a building. The mortgage
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Kohler Kleaners borrowed $50,000 on June 1, 2012, to finance the purchase of a building. The mortgage requires payments of $525 to be made at the end of every month for 12 years with the first payment being due on June 30, 2012. The interest rate on the mortgage is 8%.
1. Prepare a mortgage amortization schedule for 2012.
2. How much interest will be paid in 2012?
3. By how much will the principal amount of the mortgage be reduced by the end of 2012?
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1 Monthly Principal Interest Outstanding Month Payment Paid Paid Balance 50000 June 525 192 333 4980...View the full answer
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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