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The following partial instalment schedule was prepared for Navy Blue Ltd. related to its loan that was taken out on December 1, 2022. Navy Blue Ltd. Instalment Payment Schedule Blended Payments (b) (c) Interest Reduction of Expense Principal (a) Cash Payment Interest Period (d) Principal Balance $75,000.00 73,925.04 72,884.70 71,758.97 December 1, 2022 January 1, 2023 February 1, 2023 March 1, 2023 April 1, 2023 May 1, 2023 June 1, 2023 $375.00 369.63 364.22 $1,449.96 1,449.96 1,449.96 1,449.96 1,449.96 1,449.96 $1,074.96 1,080.33 1,085.74 1,091.17 1,096.62 1,102.10 358.79 353.34 70,667.80 69,571.18 68,469.08 347.86 Select which of the statements are correct: O a. The term of the loan cannot be determined with the information provided. b. The interest rate on the loan is 6% per annum. c. For September 1, 2023, the total payment will be $1,449.96. od. The interest portion for the instalment payment of August 1, 2023 will be $331.24. O e. Principal payment for December 1, 2023 will be $1,135.58. Of. The balance of the loan after the January 1, 2024 payment will be $60,598.50. g. The journal entry to record the payment of principal and interest for April 1, 2023 will include a debit to Interest Expense for $358.80 and a debit to Loan Payable for $1,449.96

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