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On 31 October 2017 Jansen company signed a 2 year instalment note in the amount of...

On 31 October 2017 Jansen company signed a 2 year instalment note in the amount of 50.000 in conjunction with the purchase of the equipment. This note is payable in equal monthly instalments of 2.354 which include interest computed at annual rate of 12%. The first monthly payment is made on November 30,2017. This note is amortising over 24 months.
Complete amortisation table for the first 4 payments by entering the correct dollar amounts

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Expert Solution

Month end Beginning balance Cash paid at the end of the month Interest at 1% Payment against principal Ending balance
NOV $       50,000 $                  2,354 $                   500 $           1,854 $        48,146
DEC $       48,146 $                  2,354 $                   481 $           1,873 $        46,273
JAN $       46,273 $                  2,354 $                   463 $           1,891 $        44,382
FEB $       44,382 $                  2,354 $                   444 $           1,910 $        42,472

ekkarill92 answered 11 months ago
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