Katec Corporation borrowed $79000.00 at 3% compounded monthly for 13 years to buy a warehouse. Equal payments are made at the end of every month. (a) Determine the size of the monthly payments. (b) Compute the interest included in payment 68. (c) Determine the principal repaid in payment period 28. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. Please step by step answer.
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Katec Corporation borrowed $79000.00 at 3% compounded monthly for 13 years to buy a warehouse. Equal payments are made at the end of every month. (a) Determine the size of the monthly payments. (b) Compute the interest included in payment 68. (c) Determine the principal repaid in payment period 28. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Using the information provided, what transaction represents the best application of the present value of an annuity due of $1? A. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year. B. Compass, Inc., signs a note of $32,000, which requires the company to pay back the principal plus interest in four years. C. Bahwat Company plans to deposit a lump sum of $100.000 for the construction of a solar farm In 4 years. D. NYC Industries leases a car for 4 yearly annual lease payments of $12,000, where payments are made at the end of each year.Katec Corporation borrowed $79000.00 at 3% compounded monthly for 13 years to buy a warehouse. Equal payments are made at the end of every month. (a) Determine the size of the monthly payments. (b) Compute the interest included in payment 68. (c) Determine the principal repaid in payment period 28. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
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