Homework Answers
(A) Interest recognized as of December 31= Loan amount * rate * Fraction of the year
=$200,500 * 8% * 10/12
=$13,367
(B) Principle Due in 1 year = Original loan amount - principal repayment in first installment**
=$200,500 - $13,840
=$186,660
** Principle repayment in first installment = installment amount - interest paid in first installment
=($200500/6.71***)-($200,500*8%)
=$13,840
*** 6.71 is the present value factor of n=10, i=8%
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EA1. 12.1 Campus Flights takes out a bank loan in the amount of $200,500 on March 1.The terms tt interest rate on t...
Accounting
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March 1, 2021
690,000
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October 1, 2021
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