TABLE 14.3 Schedule of payments Monthly payment number Outstanding balance due 1 $ 8,000.00 2 $...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
TABLE 14.3 Schedule of payments Monthly payment number Outstanding balance due 1 $ 8,000.00 2 $ 7,620.00 3 $ 7,234.30 1 1/2 % Interest payment $120.00 (0.015 x $8,000.00) $114.30 (0.015 x $7,620.00) $108.51 (0.015 x $7,234.30) Amount of monthly payment $ 500.00 $ 500.00 $ 500.00 Reduction in balance due $380.00 ($500.00 - $120.00) $385.70 ($500.00 - $114.30) $391.49 ($500.00 - $108.51) Outstanding balance due $7,620.00 ($8,000.00 - $380.00) $7,234.30 ($7,620.00 - $385.70) $6,842.81 ($7,234.30 - $391.49) TABLE 14.3 Schedule of payments Monthly payment number Outstanding balance due 1 $ 8,000.00 2 $ 7,620.00 3 $ 7,234.30 1 1/2 % Interest payment $120.00 (0.015 x $8,000.00) $114.30 (0.015 x $7,620.00) $108.51 (0.015 x $7,234.30) Amount of monthly payment $ 500.00 $ 500.00 $ 500.00 Reduction in balance due $380.00 ($500.00 - $120.00) $385.70 ($500.00 - $114.30) $391.49 ($500.00 - $108.51) Outstanding balance due $7,620.00 ($8,000.00 - $380.00) $7,234.30 ($7,620.00 - $385.70) $6,842.81 ($7,234.30 - $391.49)
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
Determine the force in member GC of the truss and state if this member is in tension or compression. Units Used: kip = 103 lb Given: F1 = 1000 lb F2 = 1000 lb F3 = 1000 lb F4 = 1000 lb a = 10 ft =...
-
A car and a truck are both traveling at the constant speed of 54 km/h; the car is 30 m behind the truck. The driver of the car wants to pass the truck, that is, he wishes to place his car at B, 30 m...
-
Why is it important to distinguish between the performance of a manager and the performance of the organization subunit for which the manager is responsible? Give an example.
-
Briefly explain the operation of a periodic inventory system. Include an explanation of how the cost of goods sold is determined.
-
Perkins Processors Inc. produces an average of 10,000 units each month. The factory standards are 20,000 hours of direct labor and 10,000 pounds of materials for this volume. The standard cost of...
-
Solve the following: a. 22!/17! b. 8 P 4 c. 6 C 4
-
Consider an investment whose return is normally distributed with a mean of 10% and a standard deviation of 5%. a. Determine the probability of losing money. b. Find the probability of losing money...
-
Evaluate the organizational strategies the authors present. What are the implications for IT architecture?
-
Consider two perspectives on how alignment can take place: (i) business strategy driving business processes which in turn drive IT strategy which affect IT processes; (ii) IT strategy driving IT...
-
Indicate the accounting concepts, principles, or constraints that underlie each of the following independent situations: accounting entity concept, going concern concept, cost-benefit constraint,...
-
The authors state that organizations do not systematically evaluate the effects and consequences of information strategy, in part because senior managers do not believe in the possibility to measure...
-
Given the authors claim that low credibility is a problem facing IT inhouse, how can IT managers be effective change agents? Keeping in mind the authors assertion that they have seen numerous...
-
We create log files, then delete them, what other files we create in UNIX?
-
What is the difference between adsorption and absorption?
-
Assume Paterson Company reports sales of \($500,000,\) cost of goods sold (based on standard costs) of \($460,000\) for 2019. However, during the year the company also reports the following...
-
D'Adduzio Company planned to produce 11,000 units of finished product during the current month. The com- pany was able to achieve this desired level of production. During the month, D'Adduzio...
-
Environmental Business Consultants. Inc. (EBC) has hired several new staff members in the last year and has invested considerable effort in training these new employees in the EBC approach to...
Study smarter with the SolutionInn App