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dalvyx [7]
3 years ago
13

What is the end product of the accounting process?

Business
1 answer:
Goryan [66]3 years ago
3 0
In the accounting cycle, the last step is to prepare a post-closing trial balance.
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The following table shows a portion of a three-year amortization schedule. A 3-year amortization schedule. The loan amount or pr
larisa [96]

The correct statement is that at the end of two years a total interest of 1246.10 has been paid  on a principal of $11940, where the interest rate is 7.45 percent. So, the correct option is B.

The calculation on monthly payment of interest can be done by ascertainment of the interest paid for two years and division of such amount by total number of months.

<h3>Calculation of Monthly Payment</h3>

We know that the interest to be paid for the first year will be close to $902 and that for the second year will be calculated as follows,

\rm Interest for\ Second\ Year= Monthly\ Payment\ x\ 12\\\\\rm Interest for\ Second\ Year= 28.69\ x\ 12\\\\\rm Interest for\ Second\ Year= \$344.28

So, the total interest paid at the end of the second year will be,

\rm Total\ Interest\ for\ Two\ Years= Interest\ for\ One\ Year+ Interest\ for\ Second\ Year\\\\\rm Total\ Interest\ for\ Two\ Years= 902+344.10\\\\\rm Total\ Interest\ for\ Two\ Years= \$1246.10

So, the total interest paid fully at the end of two years will be $1246.10

Hence, the correct option is B that the  total interest of 1246.10 has been paid  on a principal of $11940 at the end of two years upon monthly payments of such years.

Learn more about monthly payment here:

brainly.com/question/22891559

5 0
2 years ago
Who appoints the chairman of the board of governors of the federal reserve system ​
ELEN [110]

The chair is nominated by the President of the United States from among the members of the Board of Governors, and serves a term of four years after being confirmed by the United States Senate.

7 0
3 years ago
Read 2 more answers
During what meeting did the delegates request each state write a constitution?
Tasya [4]
The delegates requested that each state write  a constitution during the Second Continental Congress.
6 0
3 years ago
VOTE TOM NOOK FOR PRESIDENT FOR 2024
algol13

:0

yas I will vote him!

lol

wait..no! He will just take our money. My answer is a maybe.

5 0
3 years ago
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The price of a gallon of gasoline was $0.35 in 1972 when the CPI equaled 0.418. The price of a gallon of gasoline was $2.25 in 2
lana66690 [7]

Answer:

increased

Explanation:

Data provided in the question:

Price of a gallon of gasoline in 1972 = $0.35

CPI in 1972 = 0.418

Price of a gallon of gasoline in 2005 = $2.25

CPI in 2005 = 1.68

Now,

Real cost in 1972 = [ Nominal cost in 1972 ] ÷ [ CPI in 1972 ]

= $0.35 ÷ 0.418

= $0.837

Real cost in 2005 = [ Nominal cost in 2005 ] ÷ [ CPI in 2005 ]

= $2.25 ÷ 1.68

= $1.34

Hence,

The price of gallon of gasoline increased between 1972 and 2005

3 0
3 years ago
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