Buffon Electronics Company issues a 2,000,000, 10%, 20-year mortgage note on January 1. The terms provide...
Buffon Electronics Company issues a 2,000,000, 10%, 20-year mortgage note on January 1. The terms provide for annual installment payments, exclusive of real estate taxes and insurance, of 234,920. After the first installment payment, the principal balance is
a. 2,000,000
b. 1,965,080
c. 1,983,448
d. 1,558,250
The answer is (c)
and I cannot understand why the answer is not (b) but (c)...
Homework Answers
Solution:
First we need to compute principal in first installment which is = Installment - interest
= $234,920 - 2,000,000×10%
= $34,920
thus, principal balance after first installment = $2,000,000 -34,920 =$1,965,080
The correct answer is option C
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Problem 15-4A
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(Round answers to 0 decimal places, e.g.
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Cash Payment
Interest Expense...
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Problem 15-4A
Talkington Electronics issues a $350,000, 3%, 15-year mortgage
note on December 31, 2016. The proceeds from the note are to be
used in financing a new research laboratory. The terms of the note
provide for annual installment payments, exclusive of real estate
taxes and insurance, of $41,031. Payments are due on December
31.
Prepare an installment payments schedule for the first 4 years.
(Round answers to 0 decimal places, e.g.
15,250.)
Annual Interest Period
Cash Payment
Interest Expense...
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