Question
6. Your company has just got a $100,000 commercial loan from the Chase Bank. The loan has 3-year maturity with the APR of 8%. Create
6. Your company has just got a $100,000 commercial loan from the Chase Bank. The loan has 3-year maturity with the APR of 8%. Create an amortization schedule for the loan Year Interest at 8% on Balance Owing Annual Payment Principal Reduction Balance Owing 0 $100,000 1 $38,803 2 $38,803 3 $38,803 $0 7. Using +/ , show the financial statement effects for the payment of the third installments. Third installment: Interest expense in I/S: Cash in B/S: LTD in B/S: Retained earnings in B/S: 8. On 8/1/2019, CVY issued a 120-day note of $500,000 with an annual rate of 8% and a 90-day note of $500,000 with an annual rate of 7%. What amount of interest has accrued as of 8/24/2019?
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