Exercise 10-2A Amortization schedule for an installment note LO 10-1 On January 1, Year 1,...
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Exercise 10-2A Amortization schedule for an installment note LO 10-1
On January 1, Year 1, Beatie Co. borrowed $340,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,715. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.)
Exercise 10-2A Amortization schedule for an installment note LO 10-1 On January 1, Year 1, Beatie Co. borrowed $340,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,715. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.) BEATIE CO. Amortization Schedule $340,000, 5-Yr. Term Note, 6% Interest Rate Cash Pay Applied to Applied to Doc. 31 Interest Principal Year Prin Bal on Jan. 1 Prin. Bal End of Period Year 1 Year 2 Year 3 Year 4 Year 5
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