Item$13$

$10$points

Time Remaining $2$ hours $13$ minutes $5$ seconds

$02$:$13$:$05$

eBook

Print

References

Check my workCheck My Work button is now enabled$2$

Item$13$

Time Remaining $2$ hours $13$ minutes $5$ seconds

$02$:$13$:$05$

Presented below is a partial amortization schedule for a three$-$year installment note requiring monthly payments of $$1,974\mathrm{.}19.$

$$

$(1)$

Date$(2)$

Cash Paid$(3)$

Interest Expense$(4)$

Decrease in Carrying Value$(5)$

Carrying ValueCarrying Value $$ Interest Rate$(2)(3)$Prior Carrying Value $(4)11/1/2024$$$63,000\mathrm{.}0011/30/2024$$$1,974\mathrm{.}19$$$420\mathrm{.}00$$$1,554\mathrm{.}1961,445\mathrm{.}8112/31/20241,974\mathrm{.}19409\mathrm{.}641,564\mathrm{.}5559,881\mathrm{.}2610/31/20271,974\mathrm{.}1913\mathrm{.}071,961\mathrm{.}120$

$1.$ 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? $($Round your answer to $2$ decimal places.$)$

$4.$ What is the total amount of interest paid over the entire period of the note? $($Do not round your intermediate calculations. Round your answer to $2$ decimal places.$)$

$5.$ The portion of the monthly payment that reduces the carrying value $($increases$/$decreases$)$ over time.