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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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False. As trade will also cause the average level of wages in an economy to rise and not fall.

<h3>The relationship between free trade and wages</h3>

Free trade results in an increase in all factor incomes, including wages, interest rates, profits, and rents, which raises GDP and makes more money available for company investment, which boosts global trade.

Trade will increase the average pay level in an economy because it increases the amount that an economy can produce by allowing businesses and workers to take use of their comparative advantages.

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Learn more about trade from;

brainly.com/question/5719305

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1 year ago
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8 0
3 years ago
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Bank A/c  Dr           $63,000

  To Notes Payable                         $63,000

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Explanation:

The journal entry is shown below:

Bank A/c  Dr           $63,000

  To Notes Payable                         $63,000

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