Calculate the interest component of payment

Assignment Help Accounting Basics
Reference no: EM132591559

Question - The interest rate on a $11,000 loan is 8.4% compounded semiannually. Semiannual payments will pay off the loan in seven years. (Do not round the intermediate calculations.

a. Calculate the interest component of Payment 10. Interest component of Payment 10 is $.

b. Calculate the principal component of Payment 3. Principal component of Payment 3 is $.

c. Calculate the interest paid in Year 6. Interest paid in Year 6 is $.

d. How much do Payments 3 to 6 inclusive reduce the principal balance? Principal reduction by Payments 3 to 6 inclusive is $.

Reference no: EM132591559

Questions Cloud

How many will they need to produce during the period : The following is the forecast level of inventory (in units) - If the company plans to sell 320,000 units, how many will they need to produce during the period
Measure the quality characteristics of your organization : Determine which statistical technique you will employ to measure the quality characteristics of your organization.
Describe experience with the course : Describe your experience with the course. What do you feel you've learned that will help you in your future career? What was the most interesting part
Explain the policy or regulation you selected : As a professional nurse, you are expected to apply your expertise to patient care. On occasion, you will also be expected to share that expertise.
Calculate the interest component of payment : The interest rate on a $11,000 loan is 8.4% compounded semiannually. Calculate the interest component of Payment
What is block ownership : Briefly describe the use of stock options in a compensation plan. What are some potential problems with stock options as a form of compensation?
What are the journal entries for on December : Minton incurred $480,000 in an unsuccessful patent defense. What are the journal entries for on December 31, 2018 to record any resultant amortization
What is the downside of using public warehousing : What exactly is public warehousing? What is the range of services they typically offer? What is the downside of using public warehousing?
How research subjects are protected : How research subjects are protected, and you will think about how this might apply, using the research studies from the Unit 3 assignment

Reviews

Write a Review

Accounting Basics Questions & Answers

  Straight-line method of depreciation for the machinery

At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for the machinery. The depreciation expense for 2011 would be:

  Prepare journal entries to record the given transactions

Prepare journal entries to record above transactions, including the closing entries for net income and dividends declared mentioned in items 3 through 6 above.

  Compute Costello basis in the building

The building is subject to mortgage of $90,000 which Costello assumes. Assuming transaction qualifies as Code Sec. 351 transfer, Costello's basis in building is

  Cryptographic basis of the enigma machine

A 2,000-bit message is used to generate a 256-bit hash. One the average, how many other messages could be expected to generate the same hash value? What does this tell us about the length of a hash as compared to the length of the message?

  How you developed your target price projection

Referring to Block, Hirt & Danielsen (2017) and your other research you may perform, compute and display your calculations projecting your one-year target.

  If management accountants dont have to follow gaap in their

if management accountants dont have to follow gaap in their reporting and have the freedom of more customized

  In two to three paragraphs describe the sarbanes-oxley act

in two to three paragraphs describe the sarbanes-oxley act and why it is important to the accounting profession.name

  What is the lowest price that Division X could accept

Division W needs 6,000 units each period and currently pays $42 per unit to an outside firm. What is lowest price that Division X could accept from Division W

  Determine a risk that may have created the problem

Determine a risk that may have created the problem.Recommend an internal control procedure to prevent the problem in the future.

  Why he use perpetual inventory system for his business

Using the above information, explain to Amos why he should use perpetual inventory system for his business

  Journalize the transactions and the adjusting entries

Oct. 2 Sold the truck purchased January 6, Year 2, for $16,750. (Record depreciation to date for Year 3 for the truck.) Journalize the transactions

  Find the duration of the current four-bond portfolio

Grace Hesketh is the owner of an extremely successful dress boutique in downtown Chicago. Although high fashion is Grace's first love, she's also interested.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd