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In: Accounting

On January 1, 2018, Stoops Entertainment purchases a building for $480,000, paying $110,000 down and borrowing...

On January 1, 2018, Stoops Entertainment purchases a building for $480,000, paying $110,000 down and borrowing the remaining $370,000, signing a 9%, 10-year mortgage. Installment payments of $4,687.00 are due at the end of each month, with the first payment due on January 31, 2018. Complete the first three rows of amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

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Expert Solution

Amortization Schedule
Date Monthly Installment Interest Prinicipal Payment Motgage Payable
1-Jan-18                           -                          -                           -                370,000.00
31-Jan-18              4,687.00           2,775.00            1,912.00              368,088.00
28-Feb-18              4,687.00           2,760.66            1,926.34              366,161.66
31-Mar-18              4,687.00           2,746.21            1,940.79              364,220.87

ekkarill92 answered 1 year ago
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