What is Loan Principal Balance
Principal is the initial sum of a loan in the context of borrowing; it can also refer to the balance still owed on a loan. The principal of a $50,000 mortgage, for instance, is $50,000. If you pay down $30,000, the remaining $20,000 is the primary balance. The principal of a loan determines how much interest you pay. The amount of your monthly loan installments is applied to the accrued interest first and only then to the principle when you make a payment. The only method to lower the amount of interest that accrues each month is to reduce the loan's principal.
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$250,000
$1,458 x 12 months = 17,496
17,496 / 0.07 =$249,942
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Answer:
Explanation:
The debit and credit balance of trial balance is shown below:
Debit balance = Cash + Rent Expense + Dividends + Salaries Expense + Equipment + Accounts Receivable + Advertising Expense
= $12,850 + $2,400 + $1,500 + $4,300 + $12,935 + $5,700 + $1,370
= $41,055
And the credit balance = Service revenue + accounts payable + common stock
= $23,230 + $2,825 + $15,000
= $41,055
The preparation of the trial balance is given in the spreadsheet. Kindly find the attachment below:
The bank is ware you would go
Answer: Self serving bias
Explanation: In simple words, it refers to the attribute of an individual to take the credit of every positive event themselves, whereas in case of negative events such individuals tends to blame external factors.
In the given case, Mark attributes his success as the outcome of his personality and blames his team or other such factors in case of negative results.
Hence from the above we can conclude that the given case illustrate self serving bias.
