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Coronado Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is
Coronado Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is partially completed: (a) Fill in the missing amounts. Interest Period Cash Payment Interest Expense Reduction of Principal Principal Bala Issue date 9 1 $ $17,073 $12,173 2 4,048 3 13,937 4 2,161 5 1,120* 15,953 Principal Balance $70,000 57,827 44,802 15,953
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