Homework Answers
rate positively .. let me know if you need any clarification..
| i | ii=i*1% | iii | iv=iii-ii | v=i-iv | |||
| Period | Beginning balance | Interest | Installment | Principal component | Cosing balance | ||
| 0 | 100,000 | ||||||
| 1 | 100,000 | 1,000 | 2,633 | 1,633 | 98,367 | ||
| 2 | 98,367 | 984 | 2,633 | 1,649 | 96,718 | ||
| 3 | 96,718 | 967 | 2,633 | 1,666 | 95,052 | ||
| Therefore, 3rd payment include 1666 of principal amount and 967 of interest | |||||||
| Journal entry | |||||||
| Period | Account | Debit | Credit | ||||
| 3 | Interest expenses | 967 | |||||
| Notes payable | 1,666 | ||||||
| cash | 2,633 | ||||||
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