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Nutka1998 [239]
3 years ago
15

Adventure Travel signed a​ 14%, 10-year note for​ $152,000. The company paid an installment of​ $2,200 for the first month. Afte

r the first​ payment, what is the principal​ balance? (Do not round any intermediate​ calculations, and round your final answer to the nearest​ dollar.)
Business
1 answer:
Likurg_2 [28]3 years ago
5 0

Answer:

The principal​ balance is $151,573

Explanation:

For computing the principal balance, we need the following calculation which is shown below:

1. First we have to compute the 1 month interest payment which equals to

= Note amount × rate × 1 month ÷ total months in a year

= $152,000 × 14% × 1 ÷ 12

= 1773.33

2. Now deduct the first month interest  from installment amount which equals to

= Installment amount - Interest amount

= $2,200 - $1773.33

= $426.67

3. Now subtract step 2 amount from notes amount which equals to

= Notes amount - principal amount

= $152,000 - $426.67

= $151,573.33

Hence, the principal​ balance is $151,573

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A major reason why it is difficult to lower the barriers to free trade is A. the loss of jobs without any gain of jobs from free
Thepotemich [5.8K]

Answer:

B) the uneven distribution of gains and losses from free trade.

Explanation:

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densk [106]

Answer:

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A company's relevant range of production is 10,000 to 15,000 units. When it produces and sells 12,000 units, its unit costs are
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Answer:

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