Question

The following table shows the first segment of a five-year amortization schedule. A 5-year amortization schedule. The amount of interest paid for months 1 through 12 are: 99. 03, 97. 73, 96. 42, 95. 10, 93. 78, 92. 44, 91. 09, 89. 73, 88. 36, 86. 98, 85. 58, 84. 18. After one year of payments, how much has been paid to interest? a. $1,100. 42 b. $1,010. 16 c. $1,188. 34 d. $1,241. 18.

Answer 1

Amortization is a method applied to periodically lower the book value of an intangible asset over a specified period of time. After one year of payment, the total interest would be $1,100.

What is amortization?

Amortization means scattering payments over manifold periods. The term is used for two discrete processes. Amortization of loans and amortization of assets.  

In the last-mentioned case, it refers to delegating the cost of an intangible asset over a period of time.

The total amount of interest that would be paid in the first year is $1,100 which is shown in the image given below.

Therefore, the amount of total interest payment would be $1,100.

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