Ling Company issued a $280,000, 4 percent mortgage note on January 1, 2018, to purchase a building.
Question:
Ling Company issued a $280,000, 4 percent mortgage note on January 1, 2018, to purchase a building. Payments of $8,055 are made semiannually. Complete the following amortization schedule (partial) for Ling Company. Round to the nearest dollar.
Date Jan 1, 2018 Jun 30, 2018 Dec 31, 2018 Jun 30, 2019 Dec 31, 2019 Payment Interest Principal Loan Balance $280,000 $8,055
Step by Step Answer:
A B C D Date Payment Interest Expense D x 4 x 612 ...View the full answer
Related Video
An amortization schedule (sometimes called an amortization table) is a table detailing each periodic payment on an amortizing loan. Each calculation done by the calculator will also come with an annual and monthly amortization schedule above. Each repayment for an amortized loan will contain both an interest payment and payment towards the principal balance, which varies for each pay period. An amortization schedule helps indicate the specific amount that will be paid towards each, along with the interest and principal paid to date, and the remaining principal balance after each pay period
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