On January 1, 2020 Plumbus Inc. is issued a notes payable for $32,000. The note has...
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On January 1, 2020 Plumbus Inc. is issued a notes payable for $32,000. The note has an interest rate of 6% and will be paid semi-annually over two years. The payment terms are a blended payment of $8,609 which includes interest and principal. Do not enter dollar signs or commas in the input boxes, Round all answers to the nearest whole dollar. Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Cash Payment Interest Expense Reduction of Principal Principal Balance Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022 On January 1, 2020 Plumbus Inc. is issued a notes payable for $32,000. The note has an interest rate of 6% and will be paid semi-annually over two years. The payment terms are a blended payment of $8,609 which includes interest and principal. Do not enter dollar signs or commas in the input boxes, Round all answers to the nearest whole dollar. Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Cash Payment Interest Expense Reduction of Principal Principal Balance Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022
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Note Annual interest is 6 semiannual is 3 62 Cash Interest Reductio... View the full answer
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
Posted Date:
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