Kate and Bill secured a loan with a 75% loan-to-value ratio. The interest rate was 7.125% and the term was for 30 years. The fir
1 answer:
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Answer and Explanation:
The computation of the interest expense that should be recorded to the following independent assumptions are as follows:
For December 31, 2021
= $1,200 × 11% × 6 months ÷ 12 months
= $66 million
For September 30, 2021
= $1,200 × 8% × 3 months ÷ 12 months
= $33 million
For October 31, 2021
= $1,200 × 7% × 4 months ÷ 12 months
= $44 million
For January 31, 2022
= $1,200 × 4% × 7 months ÷ 12 months
= $77 million
