Kin issued a five year, 8% installment loan payable with biended principal and interest payments (fixed)...
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Kin issued a five year, 8% installment loan payable with biended principal and interest payments (fixed) due annually. The following installment payment schedule is partially completed. Show all calculations in the space provided. Interest Interest period Reduction of principle Principle balance $59,890 Cash payment expense Issue date Year 1 Year 2 Year 3 Year 4 $15,000 A 10.209 49,681 3,975 38,656 D. 11,908 F 2,140 H. 13,888 Year 5 1,111 13,888 Input the answers for the following corresponding letters from the chart: B E G H. K. What is the current portion of the loan at the end of year 3? $ L. What is the non current portion of the loan at the end of year 3? Interest Reduction of Interest period Principle balance Cash payment expense principle Issue date $59,890 Year I $15,000 10.209 49,681 Year 2 3.975 38,656 Year 3 11,908 Year 4 2,140 13,888 Year 5 1,111 13.888 Kin issued a five year, 8% installment loan payable with biended principal and interest payments (fixed) due annually. The following installment payment schedule is partially completed. Show all calculations in the space provided. Interest Interest period Reduction of principle Principle balance $59,890 Cash payment expense Issue date Year 1 Year 2 Year 3 Year 4 $15,000 A 10.209 49,681 3,975 38,656 D. 11,908 F 2,140 H. 13,888 Year 5 1,111 13,888 Input the answers for the following corresponding letters from the chart: B E G H. K. What is the current portion of the loan at the end of year 3? $ L. What is the non current portion of the loan at the end of year 3? Interest Reduction of Interest period Principle balance Cash payment expense principle Issue date $59,890 Year I $15,000 10.209 49,681 Year 2 3.975 38,656 Year 3 11,908 Year 4 2,140 13,888 Year 5 1,111 13.888
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Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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