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Schach [20]
2 years ago
13

How did the extra, one-time payment of $100 affect the total interest Janet pays on the loan?

Business
1 answer:
Shkiper50 [21]2 years ago
7 0

Amortization simply means the practice of spreading the cost of an intangible asset over the useful life of the asset.

Your question is incomplete as you didn't provide the amortization table. Therefore, an overview of amortization will be given.

It should be noted that amortization is usually expensed on a straight-line basis. In such a case, the same amount will be expensed for every period over the life of the asset.

For example let's assume that Janet borrows $2000 at 4% for 2 years. The interest that will be paid will be:

= $2000 × 4% × 2

= $2000 × 0.04 × 2

= $160

The interest here is $160. Based on the question, since $100 has been paid, it should lead to a lower interest that will be paid on the loan.

Read related link on:

brainly.com/question/25443577

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Hence if we want us to be in a healthy cash position at the end of the year then we have to ensure that there will be less long term debt and more investments at that time in our balance sheet.

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