Homework Answers
Interest = $503,000 * 6% / 12 = $2,515
Principal = Monthly payment - Interest
= $9,724.4 - $2,515
= $7,209.4
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On January 1, 2020 a company takes out a 5-year mortgage on a new property in...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $511,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,879.06. (a) Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal places, e.g. 15.25.) Interests Principals
Part (b) only On January 1, 2020 a company takes out a 5-year mortgage on a...
Part (b) only
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $503,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,724.40. *(a) Your answer is correct. Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in...
On January 1, 2020 a company takes out a 5-year mortgage on a
new property in the amount of $511,000 at an annual interest rate
of 6%. There will be a fixed monthly payment payable at the end of
each month that will include both interest and principal. The fixed
monthly payment payable is $9,879.06.
We were unable to transcribe this imageWe were unable to transcribe this image(b) Record the journal entries for the first 2 months' payments. (Round answers...
1 a Burnley, Understanding Financial Accounting, Second Canadian Edition INTRO TO FINANCIAL ACCOUNTIN ctice Assignment Gradebook...
1 a
Burnley, Understanding Financial Accounting, Second Canadian Edition INTRO TO FINANCIAL ACCOUNTIN ctice Assignment Gradebook ORION Downloadable eTextbook nment FULL SCREEN PRINTER VERSION WileyPLUS Problem 10-1 a-b (Part Level Submission) On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $535,000 at an annual interest rate of 6%. There will payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable...
AP10-1A (Journal entries for a loan) A company takes out a five-year, $1-million mortgage on October...
AP10-1A (Journal entries for a loan) A company takes out a five-year, $1-million mortgage on October 1. The interest rate on the loan is 6% per year, and blended payments of $19,333 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Beginning Loan Balance Ending Loan Balance Payment Interest Principal Payment 1 $19,333 $5,000 $1,000,000 985,667 $14,333 14,405 $985,667...
Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The...
Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The interest rate on the loan is 4% per year, and blended payments of $19,870 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Payment 1 Payment 2 Payment 3 Payment 4 Beginning Loan Balance $880,000 863,063 846,070 829,020 Payment $19,870 19,870 19,870 19,870...
Today is January 19, 2020. You take out a $300,000 mortgage with a 5% annual fixed...
Today is January 19, 2020. You take out a $300,000 mortgage with a 5% annual fixed interest rate. The mortgage is a fully amortizing loan that requires you to make payments at the end of each month for the next 20 years. Your first payment is due January 31", 2020. 9. Your monthly mortgage payment is closest to: a) $1,250 b) $1,972 c) $1,980 d) $1,988 e) $15,000 10. On what date will you finally have half of your home...
A B C A borrower takes out a 29-year mortgage loan for $286,819 with an interest...
A
B
C
A borrower takes out a 29-year mortgage loan for $286,819 with an interest rate of 9%. What would the monthly payment be? A borrower takes out a 30-year mortgage loan for $190,372 with an interest rate of 8% and monthly payments. What portion of the first month's payment would be applied to interest? A borrower has a 25-year mortgage loan for $495,186 with an interest rate of 9% and monthly payments. If she wants to pay off...
Elaine takes out a $100,000 mortgage on December 1, 1997. Elaine will repay the mortgage over...
Elaine takes out a $100,000 mortgage on December 1, 1997. Elaine will repay the mortgage over 20 years with level monthly payments at an effective annual interest rate of 8%. The first payment is due January 1, 1998. After making her 120th payment, Elaine does not make any new payments for the entire next year. Elaine starts making revised monthly payments, of amount P, beginning January 1, 2009. The amount Pis such that Elaine will pay off the loan in...
Revesz Inc. signs a 10-year, 4%, $324,000 mortgage payable on November 30, 2017, to obtain financing...
Revesz Inc. signs a 10-year, 4%, $324,000 mortgage payable on November 30, 2017, to obtain financing for a new machinery. The terms provide for payments at the end of each month. Prepare the entries to record the mortgage on November 30, 2017, and the first two payments on December 31, 2017, and January 31, 2018, assuming the payment is (a) a fixed principal payment of $2,700, plus interest, and (b) a blended principal and interest payment of $3,280. (Credit account...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $511,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,879.06. (a) Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal places, e.g. 15.25.) Interests Principals
Part (b) only
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $503,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,724.40. *(a) Your answer is correct. Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal...
On January 1, 2020 a company takes out a 5-year mortgage on a
new property in the amount of $511,000 at an annual interest rate
of 6%. There will be a fixed monthly payment payable at the end of
each month that will include both interest and principal. The fixed
monthly payment payable is $9,879.06.
We were unable to transcribe this imageWe were unable to transcribe this image(b) Record the journal entries for the first 2 months' payments. (Round answers...
1 a
Burnley, Understanding Financial Accounting, Second Canadian Edition INTRO TO FINANCIAL ACCOUNTIN ctice Assignment Gradebook ORION Downloadable eTextbook nment FULL SCREEN PRINTER VERSION WileyPLUS Problem 10-1 a-b (Part Level Submission) On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $535,000 at an annual interest rate of 6%. There will payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable...
AP10-1A (Journal entries for a loan) A company takes out a five-year, $1-million mortgage on October 1. The interest rate on the loan is 6% per year, and blended payments of $19,333 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Beginning Loan Balance Ending Loan Balance Payment Interest Principal Payment 1 $19,333 $5,000 $1,000,000 985,667 $14,333 14,405 $985,667...
Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The interest rate on the loan is 4% per year, and blended payments of $19,870 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Payment 1 Payment 2 Payment 3 Payment 4 Beginning Loan Balance $880,000 863,063 846,070 829,020 Payment $19,870 19,870 19,870 19,870...
Today is January 19, 2020. You take out a $300,000 mortgage with a 5% annual fixed interest rate. The mortgage is a fully amortizing loan that requires you to make payments at the end of each month for the next 20 years. Your first payment is due January 31", 2020. 9. Your monthly mortgage payment is closest to: a) $1,250 b) $1,972 c) $1,980 d) $1,988 e) $15,000 10. On what date will you finally have half of your home...
A
B
C
A borrower takes out a 29-year mortgage loan for $286,819 with an interest rate of 9%. What would the monthly payment be? A borrower takes out a 30-year mortgage loan for $190,372 with an interest rate of 8% and monthly payments. What portion of the first month's payment would be applied to interest? A borrower has a 25-year mortgage loan for $495,186 with an interest rate of 9% and monthly payments. If she wants to pay off...
Elaine takes out a $100,000 mortgage on December 1, 1997. Elaine will repay the mortgage over 20 years with level monthly payments at an effective annual interest rate of 8%. The first payment is due January 1, 1998. After making her 120th payment, Elaine does not make any new payments for the entire next year. Elaine starts making revised monthly payments, of amount P, beginning January 1, 2009. The amount Pis such that Elaine will pay off the loan in...
Revesz Inc. signs a 10-year, 4%, $324,000 mortgage payable on November 30, 2017, to obtain financing for a new machinery. The terms provide for payments at the end of each month. Prepare the entries to record the mortgage on November 30, 2017, and the first two payments on December 31, 2017, and January 31, 2018, assuming the payment is (a) a fixed principal payment of $2,700, plus interest, and (b) a blended principal and interest payment of $3,280. (Credit account...
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