1 Annual interest rate2Years3payments per year4 amount3%Mortgage301247300056 payment$1,994.19720218 MonthMonthly Payment Interestprincipal balance9 octN/A10 nov1 dec12 jan3 feb14 marN/A$1,994.19 $1,182.50$1,994.19 $1,180.47$1,994.19 $1,178.44$1,994.19 $1,176.40$1,994.19 $1,174.35$811.69 $472,188.31$813.72 $471,374.60$815.75 $470,558.85$817.79 $469,741.06$819.83 $468,921.22N/A$473,000.00 You have been asked to prepare the financial statements for Computer Solutions for theyear ended December 31, 2021. The following additional facts are collected for use inmaking adjusting entries prior to preparing financial statements at year end (Round allcalculations to the nearest dollar):a. Interest expense on the mortgage is only for two months. Mortgage was takenout on October 1, 2021.Need adjusting entry for (a)

The objective of the question is to prepare an adjusting entry for the interest expense on the…

Answered: 1 Annual interest rate 2 Years 3…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ist K Rate % 4.0 4.5 5.0 Monthly Principal and Interest Payment per $1000 of Mortgage Number of Years 20 10 15 25 30 $10.12451 $7.39688 $6.05980 $5.27837 $4.77415 $10.36384 $7.64993 $6.32649 $5.55832 $5.06685 $10.60555 $7.90794 $6.59956 $5.84590 $5.36822 $10.85263 $8.17083 $5.87887 $6.14087 $5.67789 $11.10205 $8.43857 $7.16431 $6.44301 $5.99551 $11.35480 $8.71107 $7.45573 $6.75207 $6.32068 $6.65302 $6.99215 5.5 6.0 6.5 7.0 7.5 Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $245,000 and the annual percentage rate (APR) is 5.5% 8.0 8.5 9.0 9.5 The monthly principal and interest payment is S (Round to the nearest cent as needed.) $7.75299 $7.06779 $8.05593 $7.38991 $12.13276 $9.55652 $8.36440 $7.71816 $12.39857 $9.84740 $8.67823 $8.05227 $11.61085 $8.98828 $11.87018 $9.27012 $12.66758 $10.14267 $8.99726 $8.39196 $8.04523 $12.93976 $10.44225 $9.32131 $8.73697 $8.40854 Print $7.33765 $7.68913 Done Click here for table of Monthly…
The Ruffins are negotiating with two banks for a mortgage to buy a house selling for $145,000. The terms at bank A are a 25% down payment, an interest rate of 10%, a 30-year conventional mortgage, and 3 points to be paid at the time of closing. The terms at bank B are a 15% down payment, an interest rate of 11.0%, a 25-year conventional mortgage, and no points. Which loan should the Ruffins select in order for the total cost of the house to be less? Click the icon to view the table of monthly payments. From which bank should the Ruffins take the loan? Bank B O Bank A
ezto.mi Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Number of Total of monthly payments $5,849.76 Total finance monthly payments Amount Purchase price of a used car $5,793 Down charge $1,339.76 financed APR payment $1, 283 48 $4,510 13% Monthly Payment es By table By formula
Amount of mortgage Annual interest rate Years in mortgage Monthly payment $405,643 5.00% 35 $2047.23 Month Monthly payment Interest Principal End-of-month principal 1 $2047.23 2 $2047.23
Present value of an ordinary annuity. Fill in the missing present values in the following table for an ordinary annuity:
Find the mortgage balance after the first three payments on a 3030-year $170,000$⁢170,000 mortgage that was financed at an APR of 4.25%4.25% and has a monthly payment of $836.30$⁢836.30. Payment Number Interest Payment Principal Payment Mortgage Balance 11 $602.08$⁢602.08 $234.22$⁢234.22 Balance 1 22 $601.25$⁢601.25 $235.05$⁢235.05 Balance 2 33 $600.42$⁢600.42 $235.88$⁢235.88 Balance 3
Question Consider the first payment against a $200,000 mortgage that last for 25 years. Fixed repayments are made on a monthly basis. The first row of the amortization schedule is shown below. Payment # 1 2 Payment d Interest 716.67 ... Debt Payment P1 Calculate d, the fixed monthly payments that are made. Round your answer to the nearest cent. Balance b₁ Ih
Mortgage Details Principal Loan Length Interest Rate Monthly Payment A. $273.62 C. $340.48 80 F3 03-2022 International Academy of Science. All Rights Reserved. Q $150,000 30 years 3% $532 9 F5 F6 After 10 years, the principal on this mortgage is $109,446. How much of the next payment will go towards interest? B. $258.39 D. $191.52 F7 DII FB F9
Mortgage Details How much of the first payment for the 30 years mortgage described in the table will go Principal $120,000 Loan Length Interest Rate 3% Monthly Payment $506 towards interest? A. $323.84 B. $182.16 C. $206.00 D. $300.00
This amortization table shows the first 3 payments on a mortgage. Payment Monthly Interest PrincipalOutstanding number payment paid paid balance $160 000.00 $159 685.43 $159 369.08 $159 050.94 1 $1221.62$907.05 $314.57 $1221.62$905.26|$316.35 3 $1221.62$903.47 $318.14 In the amortization table, what percent of the first 3 payments is interest? O a) 74% O b) 26% O c) 33% d) 35%
Payment $ 123 4,555 74,484 167,332 Years 13 8 5 9 Interest Rate (Annual) 13 % 8 10 1 Future Value (Payment made on last day of period) Future Value (Payment made on first day of period)
ONLINE 721757 K Complete the first month of the amortization schedule for a fixed-rate mortgage. Mortgage: $110,000 Interest rate: 6.5% Term of loan: 25 years Click the icon to view the Real Estate Amortization Table. Payment Number 1 Amortization Schedule Total Payment Interest Payment Principal Payment Balance of Principal (a) $ (b) $ (b) $ (d) $

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