On January 2, 20x5, Clair inc. signed a 9% mortgage payable for 200,000 with equal monthly...
On January 2, 20x5, Clair inc. signed a 9% mortgage payable for 200,000 with equal monthly payments of 2,400. When Clair makes the first payment, how much interest expense will be reported
Homework Answers
The interest expense to be reported in first payment = (principal * rate* time)/100
=( 200,000*9%)*1/12
=$1500 on the basis of month
if we go day by day calculation then answer would be= ( 200,000*9%)*30/365
=$ 1479.45 (30 days include 2th jan to 31st)
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