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Zolol [24]
3 years ago
14

You have just taken out an installment loan for $100,000. Assume that the loan will be repaid in 12 equal monthly installments o

f $9,456 and that the first payment will be due one month from today. How much of your third monthly payment will go toward the repayment of principal? Show work for credit
Business
1 answer:
Natalka [10]3 years ago
4 0

Answer:

The answer is: $7,757.22 of the third month's payment will go toward the repayment of principal

Explanation:

Using the information given;

  • loan principal $100,000
  • 12 monthly payments of $9,456

We must first determine the APR, using an excel spreadsheet function:

=RATE(nper,pmt,pv) = RATE(12,-9456,100000) = 2% per month

Then we make an amortization table.

<u>M   Beginning bce.    scheduled pmt    principal       interest          ending bce</u>  

1        $100,000              $9,456             $7,456        $2,000            $92,544

2       $92,544                $9,456          $7,605.12      $1,850.88       $84,938.88

3       $84,938.88           $9,456          $7,757.22     $1,698.78        $77,181.66

   

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kirill115 [55]

Answer:

Explanation:

$1,050,000

5 0
3 years ago
How does the nurse arrange the events that take place during the promotion of glucose transportation into the cells through cell
Advocard [28]
The events that take place during the promotion of glucose transportation into the cell through the cell membrane occur in the following order:
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8 0
3 years ago
The united states and kenya are exploring the possibility of a trade deal. ________ refers to a situation in which a government
snow_tiger [21]

Free trade refers to a condition in which a country does not attempt to limit what its citizens can buy from or sell to another country.

<h3>Free trade</h3>

They can extend new markets, increase gross domestic product, and invite new acquisitions.Countries must negate the domestic advantages of free trade agreements with their results.

Under a free trade policy, goods and services can be purchased and sold across international borders with little or no government tariffs, quotas, grants, or prohibitions to inhibit their exchange. The idea of free trade is the opposite of economic isolationism.

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5 0
1 year ago
Skysong Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in ca
adell [148]

Answer:

(a) has commercial substance

J1

Electric wax melter 5,720 (debit)

Accumulated depreciation :old gas model  6,930 (debit)

Old gas model : cost 12,320 (credit)

Profit on exchange of old gas model 320 (credit)

J2

Electric wax melter 11,000 (debit)

Cash 11,000 (debit)

(b) lacks commercial substance

J1

Electric wax melter 5,390 (debit)

Accumulated depreciation :old gas model  6,930 (debit)

Old gas model : cost 12,320 (credit)

J2

Electric wax melter 11,000 (debit)

Cash 11,000 (debit)

Explanation:

In terms of IAS 16, if an exchange of non-monetary item has commercial substance the Asset Acquired is measured at the Fair Value of Asset Given up or Fair Value of Asset Acquired.

However if an exchange of non-monetary item lacks commercial substance the Asset Acquired is measured at Carrying Amount of Asset Given up and there would no be any gain or loss on the exhange of asset given up.

(a) has commercial substance

J1

Electric wax melter 5,720 (debit)

Accumulated depreciation :old gas model  6,930 (debit)

Old gas model : cost 12,320 (credit)

Profit on exchange of old gas model 320 (credit)

J2

Electric wax melter 11,000 (debit)

Cash 11,000 (debit)

(b) lacks commercial substance

J1

Electric wax melter 5,390 (debit)

Accumulated depreciation :old gas model  6,930 (debit)

Old gas model : cost 12,320 (credit)

J2

Electric wax melter 11,000 (debit)

Cash 11,000 (debit)

5 0
3 years ago
Creative Camera Co. sold equipment with a cost of $ 18 comma 000 and accumulated depreciation of $ 9 comma 000 for an amount tha
umka2103 [35]

Answer:

d. Some other amount - $11,000

Explanation:

Investing activities: It records those activities which include purchase and sale of the long term assets . The purchase of long term assets is an outflow of cash and the sale of long term assets is an inflow of cash

The computation of the sale of plant assets is shown below:

= Sale value  of equipment - accumulated depreciation + gain on sale of equipment

= $18,000 - $9,000 + $2,000

= $11,000

4 0
3 years ago
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