Valley Produce received $50,000 in vendor financing at 7.8% compounded semiannually for the purchase of harvesting machinery. The contract requires equal annual payments for seven years to repay the debt. Construct the amortization schedule for the debt. How much interest will be paid over the seven-year term? (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number 0 1 2 3 4 5 6 7 Payment $ Total: Interest portion $ Principal portion $ Principal balance $ 50,000.00
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- Valley Produce received $50,000 in vendor financing at 7.8% compounded semiannually for the purchase of harvesting machinery. The contract requires equal annual payments for seven years to repay the debt. Construct the amortization schedule for the debt. How much interest will be paid over the seven-year term? (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Payment number 0 1 2 4567 Payment $ Total: Interest portion $ Principal portion $ Principal balance $ 50,000.00Falk Enterprises borrowed $8,500 at 6.25% compounded semiannually to purchase a new forklift. The loan agreement stipulates regular semiannual payments of $1,576 (except for a smaller final payment) be made over the next three years. Prepare the full amortization schedule for the loan. Calculate the total interest paid. (Round your Intermedlate calculations and final answers to 2 declmal places. Leeve no cells blank - be certaln to enter "0" wherever required.) Payment number Interest portion $ Principal portion $ Principal balance $ 8,500.00 Payment $ nts 1. eBook 4. Print Total: References Mc Graw Hill connect WValley Produce received $50,000 in vendor financing at 7.8% compounded semiannually for the purchase of harvesting machinery. Equal annual payments of $9,587.89 will repay the debt in seven years, including $17,115.26 in interest. Suppose the loan permits an additional prepayment of principal on any scheduled payment date. Prepare the amortization schedule that reflects a prepayment of $10,000 with the second scheduled payment. How much interest is saved as a result of the prepayment?
- On January 1, 2021, Dreamlover Corporation purchased equipment from Daydream Company for P3,600,000. Term of payments includes issuing a 5-year noninterest-bearing note payable equally every end of the year. The effective interest rate is 15%. The entity used 2 decimal places for the PVF. Requirements: How much is the initial cost of the equipment?Bronco Repairs borrowed $15 000 from National Credit Union at 10% compounded quarterly. The loan agreement requires payments of $2500 at the end of every three months. Construct an amortization schedule. Here we have to determine the number of payments required. Use of the TVM Worksheet determines a value of n 6.581682. This is interpreted as 6 payments of $2500 and a seventh payment of less than $2500.Dr. Alvano borrowed $8,000 at 8% compounded quarterly to purchase a new X-ray machine for his clinic. The agreement requires quarterly payments during a two-year amortization period. Prepare the full amortization schedule for the loan. Calculate the total interest charges. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Рayment number Interest Principal portion S Principal balance $ $8,000.00 Payment $ portion S 7. 8. Total:
- Al-Awael Islamic Bank purchased warehouses for an amount of 150,000 dinars on 12-25-2018 in cash from joint investment account funds to rent them to the client Khaled, under the following conditions: The lease period is ten years, starting from January 1, 2019§ The rent is paid in equal monthly installments, and the bank assigns the warehouses at the end of the period without any compensation. The bank's profit rate is 5% annually§ The monthly rent for a similar warehouse is estimated at 1,600 dinarsThe amount of Islamic insurance on the warehouses was 50,000 dinarsSuppose that in the third year, some of the internal water pipes of the stores were repaired for 50 dinars, and the front entrance to the stores was expanded for 200 dinars. In your opinion, who will bear these expenses? Suppose that in the fifth year, the refrigeration equipment was completely damaged due to a fire that destroyed the warehouses and became unusable, and the insurance company paid the full amount. In your…Givens, Hong, and Partners obtained a $8,100 term loan at 9.6% compounded annually for new boardroom furniture. Prepare a complete amortization schedule in which the loan is repaid by equal semiannual payments over three years. (Round your answers to the nearest cent. Do not round the intermediate calculations.) Payment Interest number Payment $ portion $ 0 DLN3 456 1 2 1624.80 1624.80 1624.80 1624.80 1624.80 1624.80 Principal portion $ Principal balance $ 8,100.00Megabank granted an 8% 3-year loan to Global Company on January 1, 2018. The interest on the loan is payable every December 31. Megabank incurred P148,122 of direct origination cost but an origination fee of P300,000 was charged against Global Company. The effective rate on the loan as a result of the origination fee and cost is now 9%. What is the amortized cost of the loan on December 31, 2019 in Megabank's accounting book ?
- A company buys a machine for $17,000, which it agrees to pay for in six equal annual payments, beginning one year after the date of purchase, at an annual interest rate of 5%. Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? (Answer: $8642) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.General Computers Inc. purchased a computer server for $58,500. It paid 40.00% of the value as a down payment and received a loan for the balance at 8.00% compounded semi-annually. It made payments of $2,650.41 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? o payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places.On January 1, 2018, the Montgomery Company agreed to purchase a building by making six payments. The firstthree are to be $25,000 each, and will be paid on December 31, 2018, 2019, and 2020. The last three are to be$40,000 each and will be paid on December 31, 2021, 2022, and 2023. Montgomery borrowed other money at a10% annual rate.Required:1. At what amount should Montgomery record the note payable and corresponding cost of the building onJanuary 1, 2018?2. How much interest expense on this note will Montgomery recognize in 2018?