Sandhill Electronics issues a $640,000, 10-year, 10% mortgage note payable on December 31, 2017, to help...
Sandhill Electronics issues a $640,000, 10-year, 10% mortgage note payable on December 31, 2017, to help finance a plant expansion. The terms of the note provide for semi-annual blended payments of $51,355. Payments are due on June 30 and December 31.
1. Prepare an instalment payment schedule for the first two years.
|
Semi-annual Interest Period |
Cash Payment | Interest Expense | Reduction of Principal | Principal Balance |
|---|---|---|---|---|
| Dec 31 2017 | ||||
| Jun 30 2018 | ||||
| Dec 31 2018 | ||||
| Jun 30 2019 | ||||
| Dec 31 2019 |
Homework Answers
Answer:
| Semiannual Interest Period | Cash Payment | Interest Expense | Reduction of Principal | Principal Balance |
| Dec 31 2017 | $640,000 | |||
| Jun 30 2018 | $51,355 | $32,000 | $19,355 | 620,645 |
| Dec 31 2018 | $51,355 | 31,032 | 20,323 | 600,322 |
| Jun 30 2019 | $51,355 | 30,016 | 21,339 | 578,983 |
| Dec 31 2019 | $51,355 | 28,949 | 22,406 | 556,577 |
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