Golden Dragon Restaurant obtained a $11,500 loan at 9% compounded annually to replace some kitchen equipment....

Golden Dragon Restaurant obtained a $11,500 loan at 9% compounded annually to replace some kitchen equipment. Prepare a complete amortization schedule if payments of $2300 (except for a smaller final payment) are made semiannually.Do not round the intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)

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jeff jeffy answered 2 years ago

A company borrowed $16,000 paying interest at 9% compounded annually. If the loan is repaid by...

A company borrowed $16,000 paying interest at 9% compounded annually. If the loan is repaid by payments of $ 1800 made at the end of each year, construct a partial amortization schedule showing the last three payments, the total paid, and the total interest paid. Complete the table below for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid Interest Paid Principal Repaid Outstanding Principal 17...

Perriot's Restaurant purchased kitchen equipment on January 1, 2014. The value of the kitchen equipment decreases...

Perriot's Restaurant purchased kitchen equipment on January 1, 2014. The value of the kitchen equipment decreases by 15% every year. On January 1, 2016, the value was $14,450. a) Find an exponential model for the value, V, of the equipment, in dollars, t years after January 1, 2016. b) What is the rate of change in the value of the equipment on January 1, 2016? c) What was the original value of the equipment on January 1, 2014? d) How...

Yassine took a loan of $6,744.29. The rate of interest is 5% compounded annually. The loan...

Yassine took a loan of $6,744.29. The rate of interest is 5% compounded annually. The loan is to be repaid by annual payments of $500 at the end of each year for 23 years. What is the outstanding balance of the loan after the third payment?

A loan of $27,150.00 at 5.00% compounded semi-annually is to be repaid with payments at the...

A loan of $27,150.00 at 5.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years. a. Calculate the size of the periodic payment. $3,406.15 $4,200.70 $3,786.54 $4,276.00 b. Calculate the total interest paid. $3,142.32 $30,292.32 -$644.22 $6,928.86

1. An individual is borrowing $100,000 at 8% compounded annually. The loan is to be repaid...

1. An individual is borrowing $100,000 at 8% compounded annually. The loan is to be repaid in equal annual payments over 30 years. a. What is the annual payment? b. If the individual paid P8,000 per year instead of the calculated amount in a, how long will it take to pay for the loan in full maintaining the same interest rate? c. If the borrower wanted to pay P8,000 per year in 30 years, what is the rate of interest...

1. A restaurant purchased kitchen equipment on Jan 1, 2016 for $40,000. It is estimated that...

1. A restaurant purchased kitchen equipment on Jan 1, 2016 for $40,000. It is estimated that the equipment will have a $4,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, $3,000 $3,300 $3,600 $4,000 2. Two methods of writing-off accounts receivable are the allowance method and the accrual method allowance method and the net realizable method direct write-off method and the...

A borrower had a loan of 60,000 at 4% compounded annually with 9annual payments. Suppose...

A borrower had a loan of 60,000 at 4% compounded annually with 9 annual payments. Suppose the borrower paid off the loan after 5 years. Calculate the amount needed to pay off the loan.

A construction company signed a loan contract at 4.07 % compounded semi-annually , with the provision...

A construction company signed a loan contract at 4.07 % compounded semi-annually , with the provision to pay $665 at the end of each month for three years. (a) What is amount of the loan? (b) How much will be owed at the end of seventeen months? (c) How much of the principal will be repaid within the first seventeen months? (d) How much interest is paid during the first seventeen months?

A design studio received a loan of $5,050 at 5.30% compounded semi-annually to purchase a camera...

A design studio received a loan of $5,050 at 5.30% compounded semi-annually to purchase a camera and settled the loan in 2 years by making quarterly payments. a. What was the size of the payments? b. What was the interest portion on the first payment? c. What was the balance of the loan at end of the first year? d. What was the interest portion on the last payment?

Construct an amortization schedule for a four-year, RM10,000 loan at 6% interest compounded annually.

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