General Computers Inc. purchased a computer server by taking a loan of $33,000 at 3.50% compounded semi-annually. It made payments of $2,900 at the end of every half-year to settle the loan. a. How many payments are required to settle the loan? Round to the next payment b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment Interest Portion Principal Portion Principal Balance $33,000 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 2. :: :: :: :: :: $0.00 :: 0. $0.00 $0.00 $o 00 So 00 $0.00 $0.00 $0.00 0.00 $0.00 $0.00 0. Total

General Computers Inc. purchased a computer server by taking a loan of $33,000 at 3.50% compounded semi-annually. It made payments of $2,900 at the end of every half-year to settle the loan. a. How many payments are required to settle the loan? Round to the next payment b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment Interest Portion Principal Portion Principal Balance $33,000 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 2. :: :: :: :: :: $0.00 :: 0. $0.00 $0.00 $o 00 So 00 $0.00 $0.00 $0.00 0.00 $0.00 $0.00 0. Total

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EB: Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the...

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