In order to purchase new office equipment, XYZ firm decided to borrow 8.000 TL at an...

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In order to purchase new office equipment, XYZ firm decided to borrow 8.000 TL at an interest rate of 28% from ABC Bank on Jan. 1,2022. The loan is payable in 3 years The Company agrees to pay semi-annual installments of 2.057 TL on 30 June and 31 December each year. The 6 equal payments that are accepted by the company are amounted to 2.057 TL By creating a loan amortization table complete first 3 installments data (you do not have to show all 6 payments): Date Installment Interest Expense Principal Payment Outstanding Balance In order to purchase new office equipment, XYZ firm decided to borrow 8.000 TL at an interest rate of 28% from ABC Bank on Jan. 1,2022. The loan is payable in 3 years The Company agrees to pay semi-annual installments of 2.057 TL on 30 June and 31 December each year. The 6 equal payments that are accepted by the company are amounted to 2.057 TL By creating a loan amortization table complete first 3 installments data (you do not have to show all 6 payments): Date Installment Interest Expense Principal Payment Outstanding Balance

Answer rating: 100% (QA)

Solution Calculation of first installment components 1 Interest expensesLoan amount x Interest rate ... View the full answer