Question
In: Finance
Randy Industries purchased a supply of electronic components from Tomorrow Corporation on October 31,2021.In payment for...
Randy Industries purchased a supply of electronic components
from Tomorrow Corporation on October 31,2021.In payment for
the$1,060,000 million purchase,Randy industries issued a
1-year
installment note to be paid in equal monthly payments of
94,180 at the end of each month.The payments include interest at
the rate of 12%.What is the balance of notes payable on December
31,
2021 balance sheet?
Solutions
Expert Solution
| Number of monthly payments done in 2021 | 2 | months |
| Balance number of payments left on December 31, 2021 = 12 - Number of monthly payments done in 2021 = 12 - 2 = | 10 | months |
| n = 10 | ||
| r = 12%/12 | 1% | |
| Balance notes payable on December 31,2021 = Monthly payment * (1-(1+r)^-n)/r = 94180 * (1-(1+1%)^-10)/1% = | 892007 |
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