Lek Hood started a business by issuing a $70,000 face value note to State National Bank on
Question:
Lek Hood started a business by issuing a $70,000 face value note to State National Bank on January 1, 2016. The note had a 6 percent annual rate of interest and a 10-year term. Payments of $9,581 are to be made each December 31 for 10 years.
Required
a. What portion of the December 31, 2016, payment is applied to
(1) Interest expense?
(2) Principal?
b. What is the principal balance on January 1, 2017?
c. What portion of the December 31, 2017, payment is applied to
(1) Interest expense?
(2) Principal?
Face ValueFace value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...
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Hood Company Amortization Schedule 70000 10Yr Term Note 6 Interest Rate ...View the full answer
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Related Book For 
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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