Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,128.11. (1) Date (2) Cash Paid 11/1/2024 11/30/2024 $1,128.11 12/31/2024 1,128.11 10/31/2027 1,128.11 (3) Interest Expense Carrying Value x Interest Rate $240.00 234.08 (4) Decrease in Carrying Value (2) (3) $888.11 894.03 7.47 1,120.64 (5) Carrying Value Prior Carrying Value (4) $36,000.00 35,111.89 34,217.86 0 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. Roun your answer to 2 decimal places.) 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time. 1. Principal amount 2. Total number of monthly payments 3. Total cash paid 4. Total amount of interest paid 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
Presented below is a partial amortization schedule for a three-year installment note requiring monthly payments of $1,128.11. (1) Date (2) Cash Paid 11/1/2024 11/30/2024 $1,128.11 12/31/2024 1,128.11 10/31/2027 1,128.11 (3) Interest Expense Carrying Value x Interest Rate $240.00 234.08 (4) Decrease in Carrying Value (2) (3) $888.11 894.03 7.47 1,120.64 (5) Carrying Value Prior Carrying Value (4) $36,000.00 35,111.89 34,217.86 0 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. Roun your answer to 2 decimal places.) 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time. 1. Principal amount 2. Total number of monthly payments 3. Total cash paid 4. Total amount of interest paid 5. The portion of the monthly payment that reduces the carrying value (increases/decreases) over time.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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