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Sindrei [870]
3 years ago
6

April segal and her sister obtained a 25 year , $120,000 loan for their new home. The interest rate is 7.5 percent and their mon

thly payment is $886. How much of the first payment is for principal
Business
1 answer:
arlik [135]3 years ago
6 0

So this is creating what is called an amortization table.

For this you will need 5 columns:

Beginning Principal     Payment    Interest Pd.    Principal Pd.      New Principal    120,000                           886               750 .                    136               119,864

119,864                              886 .              749.15 .           136.85 .          119,727.15


To figure the interest paid for each payment you take the Interest Rate (7.5%) and divide that by 12 (the number of months in a year), You then take that rate and multiply by the beginning principal amount. This will tell you how much of your payment went to interest for that month.

For Principal paid, you take the total payment amount and subtract the interest paid you calculated in the previous step. This will tell you how much of your payment went to the principal on your loan.

For the new principal, you take the beginning principal and subtract the principal paid. This then becomes your beginning principal on the next line as well.

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Answer:

salary prior to taxes and tax deductions.

Explanation:

A pay stub usually referred to as a pay slip or paycheck stub is the financial document that lists the amount of money an employee is paid. It is generally issued by the employers for each

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Pay stub gives a detailed information about total earnings of an employee for the pay period, tax deductions from the total as well as the net pay after deductions.

Federal Insurance Contributions Act (FICA) is usually written on all pay stubs, which is an indication of an employee's contribution to Medicare and Social Security.

7 0
3 years ago
Oh no! You bounced a check. You must pay _____________, fill in the blank, to the business you wrote the original check to.
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Answer:

bank fees

Explanation:

3 0
2 years ago
If assets equal $95,000 and liabilities equal $40,000, then owners’equity equals _____.
Fudgin [204]
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5 0
3 years ago
Ana has won a lottery. she was offered two options to receive the award: she can either take it in five installments of $60,000
ANTONII [103]
She should choose to<span> take a lump-sum of $271,000 now. This is the best option since the other option would have a present value less than $271,000. If you use the present value annuity calculator, you can get the present value of the installment option to be </span>$259,768.60. Therefore, the the lump – sum payment option is the most appropriate.<span> </span>
8 0
3 years ago
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $158,000 Credit sale
IceJOKER [234]

Answer:

$8,870

Explanation:

Calculation to determine the balance in the allowance for doubtful accounts after bad debt expense is recorded

Using this formula

Balance in the allowance for doubtful accounts=

(Credit sales* Percentage of Credit sales)+Allowance for doubtful accounts credit balance

Let plug in the formula

Balance in the allowance for doubtful accounts= ($458,000*1.5%)+$2,000

Balance in the allowance for doubtful accounts=$6,870+$2,000

Balance in the allowance for doubtful accounts=$8,870

Therefore the balance in the allowance for doubtful accounts after bad debt expense is recorded will be $8,870

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3 years ago
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