Reference no: EM132315856

Question

On January 1, 2016 Plumbus Inc. is issued a notes payable for $20,400. The note has an interest rate of 4% and will be paid semi-annually over two years. The payment terms are a blended payment of $5,358 which includes interest and principal.
Do not enter dollar signs or commas in the input boxes.

Round all answers to the nearest whole dollar.

Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0.

Date         Cash Payment          Interest Expense       Reduction of Principal    Principal Balance

Jul 1 2016     Answer                     Answer                   Answer                        Answer

Jan 1, 2017   Answer                    Answer                    Answer                        Answer

Jul 1, 2017    Answer                    Answer                    Answer                        Answer

Jan 1, 2018   Answer                    Answer                    Answer                        Answer

On January 1, 2016 Plumbus Inc. is issued a notes payable for $20,400. The note has an interest rate of 4% and will be paid semi-annually over two years. The payment terms are a blended payment of $5,358 which includes interest and principal.

Do not enter dollar signs or commas in the input boxes.

Round all answers to the nearest whole dollar.

Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0.