Solution-Prepare an amortization table and record the first

Prepare an amortization table and record the first payments

Reference no: EM133117979

Question - Industrias CAMELLO, S.A took on July 1, 2019, a loan of $1,400,000.00 to Bank X, at 16% annual interest, for a term of 18 months, with monthly amortization of principal and interest. The bank charges a 1% administration and processing fee on the amount disbursed. It also charges a penalty for late payment of 3% on late values.

Required - Make the corresponding seats. Prepare an amortization table and record the first and second payments. Assume that there was a delay in installments 2 and 3. Calculate the delay, the accumulated interest and the capital to be paid, taking into consideration that installment number 4 is one day due, make the corresponding entries.

Reference no: EM133117979

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Prepare an amortization table and record the first payments

Reference no: EM133117979

Reference no: EM133117979

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