Homework Answers
Sheduale of Interest and Payment
| Opening Balance | Interest | Principle | Total Yearly payment | Closing Balance | |
| 1 | 42500 | 2975 | 9572 | 12547 | 32928 |
| 2 | 32928 | 2305 | 10242 | 12547 | 22686 |
| 3 | 22686 | 1588 | 10959 | 12547 | 11727 |
| 4 | 11727 | 820 | 11727 | 12547 | 0 |
| Assets | Liabilities | |||||||
| Evesnt | Cash | + | Land | Notes | + | Reatined Earning | ||
| 2018 | ||||||||
| 1-Jan | 42500 | + | = | 42500 | + | Cash And Notes | ||
| 1-Jan | -42500 | + | 42500 | = | + | Cash And Land | ||
| 31-Dec | 20825 | + | = | + | 20825 | Cash and Retained earning | ||
| 31-Dec | -12547 | + | = | -9572 | + | -2975 | Cash Notes and Retained Earning | |
| Bal. | 8278 | + | 42500 | = | 32928 | + | 17850 | |
| 2019 | ||||||||
| Beg. bale | 8278 | + | 42500 | = | 32928 | + | 17850 | |
| 31-Dec | 20825 | + | = | + | 20825 | Cash and Retained earning | ||
| 31-Dec | -12547 | + | = | -10242 | + | -2305 | Cash Notes and Retained Earning | |
| End. bal. | 16556 | + | 42500 | = | 22686 | + | 36370 | |
| 2020 | ||||||||
| Beg. bal. | 16556 | + | 42500 | = | 22686 | + | 36370 | |
| 31-Dec | 20825 | + | = | + | 20825 | Cash and Retained earning | ||
| 31-Dec | -12547 | + | = | -10959 | + | -1588 | Cash Notes and Retained Earning | |
| End. bale | 24834 | + | 42500 | = | 11727 | + | 55607 | |
| 2021 | ||||||||
| Beg. bal. | 24834 | + | 42500 | = | 11727 | + | 55607 | |
| 31-Dec | 20825 | + | = | + | 20825 | Cash and Retained earning | ||
| 31-Dec | -12547 | + | = | -11727 | + | -820 | Cash Notes and Retained Earning | |
| End. bal. | 33112 | + | 42500 | = | 0 | + | 75612 | |
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