Alex borrowed $100,000 from Reflex Bank at an annual compound interest of 14% on the reducing balance.
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Question:
Alex borrowed $100,000 from Reflex Bank at an annual compound interest of
14% on the reducing balance. The loan was repayable in annual installments over a period of four years. The installments were payable at the end of each year.
Required:
Prepare a loan amortization schedule. (5 Marks)
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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