XL, Lda contracted on May 10, 2001, a loan of 40,000 euros with regularization on May 10,
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XL, Lda contracted on May 10, 2001, a loan of 40,000 euros with regularization on May 10, 2006 with postpaid interest at 9.73% per year. On May 10, 2004, a company selected an amortization fund through semi-paid deposits in order to gather, until the maturity of the loan, the financial funds to cover the payment of debt and interest.
Knowing that the fund calculates the capital ratios of 8.32% per year, calculate:
a) The amount to be delivered to the creditor on the due date (principal + interest).
b) The amount of each deposit to be made in the fund.
c) Build the amortization fund framework.
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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