Question: Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,128.11. 1. What is the principal amount of the

Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,128.11.

(1) Date (2) 10/31/2027 Cash Paid 11/1/2024 11/30/2024 $1,128.11 12/31/2024 1,128.11 *

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?
4. What is the total amount of interest paid over the entire period of the note?
5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.

(1) Date (2) 10/31/2027 Cash Paid 11/1/2024 11/30/2024 $1,128.11 12/31/2024 1,128.11 * 1,128.11 (3) Interest Expense Carrying Value x Interest Rate $240.00 234.08 7.47 (4) Decrease in Carrying Value (2) - (3) $888.11 894.03 1,120.64 (5) Carrying Value Prior Carrying Value - (4) $36,000.00 35,111.89 34,217.86 * 0.00

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