The annual payment on the loan is $108943.
<h3>How to calculate the loan?</h3>
Principal = $776000
Rate = 11.6%
Time = 41 years
The total interest will be:
= PRT/100
= (776000 × 11.6 × 41)/100
= $3690656
The total amount to be paid will be:
= $776000 + $3690656
= $4466656
The annual payment will be:
= Total amount / Number of years
= $4466656 / 41
= $108943
After 23 years, the interest will be:
= 776000 × 11.6 × 23)/100
= $2070368
The percentage of the total interest will be:
= $2070368/$3690656
= 56.1%
When 23 payments have been made, the percentage of the total amount will be:
= (776000 + 2070368) / 4466656
= 2846368/4466656
= 63.72%
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Answer:
$3,433.33
Explanation:
Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.
It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset
Mathematically,
Depreciation = (Cost - Salvage value)/Estimated useful life
Annual depreciation
= ($46000 - $4800)/4
= $10,300
In the current year, the asset would only be depreciated for 4 months
= 4/12 * $10,300
= $3,433.33
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