Question

AutoSave OFF Insert Draw Chapter 10 Excel Assignm View Home S US Page Layout Formulas 10 AA I - a. Au Data = Review = = 2 General D $ % ) LO Paste & 047 A Arial B IU x fx B C D ACC 213 Lab 9 for Chapter 10 - Installment Notes & Amortization Tables Instructions: First, complete the amortization table in Part 1 using the information provided. Once the table is completed, then record the two loumal entries in Part 2 Information: Your car loan has monthly payments, the first payment occurring 1 month after loan starts $27.000 principal months monthly interest total payments 0.4166666667% years per year 5% 24 $1,184.53 monthly payment Part 1: Complete the amortization table below. Use formulas for calculations/cell references. Accounting Principal balance Monthly interest Principal Period beginning of month Cash Payment Expense Repayment Principal balance end of month GOOOOON Sheet1 +

Answer 1

	Principal		$27,000.00
	Interest Rate P.A		5%
	Number of Months		24
	Monthly Payments		-PMT(0.05/12,2*12,27000)
	Interest Expense		Principal at beginning*	Interest rate
Accounting Period	Principal Balance beginning of month	Monthly Cash Payments	Interest Expense	Principal Repayment	Principal Balance end of month
	$ 27,000.00
1	$ 27,000.00	$ 1,184.53	$     112.50	$ 1,072.03	$25,927.97
2	$ 25,927.97	$ 1,184.53	$     108.03	$ 1,076.49	$24,851.48
3	$ 24,851.48	$ 1,184.53	$     103.55	$ 1,080.98	$23,770.50
4	$ 23,770.50	$ 1,184.53	$       99.04	$ 1,085.48	$22,685.01
5	$ 22,685.01	$ 1,184.53	$       94.52	$ 1,090.01	$21,595.01
6	$ 21,595.01	$ 1,184.53	$       89.98	$ 1,094.55	$20,500.46
7	$ 20,500.46	$ 1,184.53	$       85.42	$ 1,099.11	$19,401.35
8	$ 19,401.35	$ 1,184.53	$       80.84	$ 1,103.69	$18,297.66
9	$ 18,297.66	$ 1,184.53	$       76.24	$ 1,108.29	$17,189.37
10	$ 17,189.37	$ 1,184.53	$       71.62	$ 1,112.91	$16,076.47
11	$ 16,076.47	$ 1,184.53	$       66.99	$ 1,117.54	$14,958.93
12	$ 14,958.93	$ 1,184.53	$       62.33	$ 1,122.20	$13,836.73
13	$ 13,836.73	$ 1,184.53	$       57.65	$ 1,126.87	$12,709.85
14	$ 12,709.85	$ 1,184.53	$       52.96	$ 1,131.57	$11,578.28
15	$ 11,578.28	$ 1,184.53	$       48.24	$ 1,136.28	$10,442.00
16	$ 10,442.00	$ 1,184.53	$       43.51	$ 1,141.02	$ 9,300.98
17	$   9,300.98	$ 1,184.53	$       38.75	$ 1,145.77	$ 8,155.21
18	$   8,155.21	$ 1,184.53	$       33.98	$ 1,150.55	$ 7,004.66
19	$   7,004.66	$ 1,184.53	$       29.19	$ 1,155.34	$ 5,849.32
20	$   5,849.32	$ 1,184.53	$       24.37	$ 1,160.16	$ 4,689.16
21	$   4,689.16	$ 1,184.53	$       19.54	$ 1,164.99	$ 3,524.17
22	$   3,524.17	$ 1,184.53	$       14.68	$ 1,169.84	$ 2,354.33
23	$   2,354.33	$ 1,184.53	$        9.81	$ 1,174.72	$ 1,179.61
24	$   1,179.61	$ 1,184.53	$        4.92	$ 1,179.61	$       -0.00
		$28,428.66	$ 1,428.66	$27,000.00

	Journal Entry	Debit	Credit
Month 1 Entry	Car Loan	$     1,072.03		Principal Repayment #1
	Interest Expense	$        112.50		Interest Expense #1
	Cash		$     1,184.53
Month 2 Entry	Car Loan	$     1,076.49		Principal Repayment #2
	Interest Expense	$        108.03		Interest Expense #2
	Cash		$     1,184.53