A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60 -month installment note with 4% interest or (b) 120 -month installment note with 8% interest, Lenders often charge a higher interest rate for longer-term loans to compensate for additional risk of lending for a longer time period: Required: Complete this question by entering your answers in the tabs below. What is the monthly payment amount for each option? (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. What is the total amount of interest paid over the life of the note for each option? Select the options to plisplay a 120 -month installment note with 12% interest. How much of the principal amount is due after the 60th payment? (Hint: Scroll down the Monthly Payment Schedule) Complete this question by entering your answers in the tabs below. Does the interest portion of each payment increase or decrease over time? Jots the intarest portion of esch paymont increase of decrease over time? Journal entry worksheet Record $100,000 cash received from the issuance of the 120 -month installment note with 8% interest. Note: Enter debits before credits. Review the Tableau visualization, and then answer the questions that follow. Record the first monthly payment of the 120 -month installment note with 8% interest. Note: Enter debits before credits. A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60 -month installment note with 4% interest or (b) 120 -month instaliment note with 8% interest tenders often charge a higher interest rate for longer-term loans to compensate for additional risk of lending for a longer time period. A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60 -month installment note with 4% interest or (b) 120 -month installment note with 8% interest, Lenders often charge a higher interest rate for longer-term loans to compensate for additional risk of lending for a longer time period: Required: Complete this question by entering your answers in the tabs below. What is the monthly payment amount for each option? (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. What is the total amount of interest paid over the life of the note for each option? Select the options to plisplay a 120 -month installment note with 12% interest. How much of the principal amount is due after the 60th payment? (Hint: Scroll down the Monthly Payment Schedule) Complete this question by entering your answers in the tabs below. Does the interest portion of each payment increase or decrease over time? Jots the intarest portion of esch paymont increase of decrease over time? Journal entry worksheet Record $100,000 cash received from the issuance of the 120 -month installment note with 8% interest. Note: Enter debits before credits. Review the Tableau visualization, and then answer the questions that follow. Record the first monthly payment of the 120 -month installment note with 8% interest. Note: Enter debits before credits. A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60 -month installment note with 4% interest or (b) 120 -month instaliment note with 8% interest tenders often charge a higher interest rate for longer-term loans to compensate for additional risk of lending for a longer time period
