Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

No matter how I try to complete this, I keep coming up with the same answer. The workbook says it is incorrect. Please help so

No matter how I try to complete this, I keep coming up with the same answer. The workbook says it is incorrect. Please help so I can learn where I am making the mistake. Thank you!

Bob Jones bought a new log cabin for $76,000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1) Do not round intermediate calculations. Round your final answers to the nearest cent.image text in transcribedimage text in transcribed

Chapter 15 End of Chapter Assignment i Saved Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 6 Bob Jones bought a new log cabin for $61,000 at 10.5% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) 0.76 points Answer is complete but not entirely correct. Payment Number 1 $ Portion to Balance of loan Interest Principal outstanding 533.75$ 24.24 X $ 60.975.76 X 533.54 $ 24.45 X $ 60,951.31 533.32$ 24.67 X $ 60.926.64 X 2 $ 3 $ TABLE 15-1 Amortization table (mortgage principal and interest per $1,000 INTEREST Term In years 31% 5% 5% 6% 6.1% 7% 72% 8% 81% 9% 10% 101% 11% 10 11.36 11.62 12.40 13.22 13.78 9.89 8.52 10.61 9.25 10.86 9.51 11.11 9.76 1.88 *0.56 12.14 10.83 12.67 11.39 12.94 11.67 13.50 12.25 12 10.02 10.29 11.11 11.96 12.54 15 7.91 8.44 8.72 8.99 10.15 10.45 11.06 11.37 7.15 6.52 9.28 8.69 8.18 7.56 6.88 9.56 8.99 9.85 9.29 10.75 10.22 17 7.29 7.84 8.12 8.40 9.59 9.90 10.54 10.86 20 5.80 6.60 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 22 6.20 6.51 6.82 8.07 8.39 8.72 9.39 9.73 5.44 5.01 7.13 6.76 7.44 7.07 7.75 7.39 9.05 8.74 10.33 10.08 9.81 25 5.85 6.15 6.45 7.72 8.06 8.40 9.09 9.45 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.69 8.05 8.41 8.78 9.15 9.53 7.34 7.11 35 3.99 5.05 5.38 5.71 6.05 6.39 6.75 7.47 7.84 8.22 8.60 8.99 9.37

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing Assurance & Advisory Services

Authors: Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Cris Riddle, Mark Salamasick, Paul J. Sobel

4th Edition

0894139878, 978-0894139871

More Books

Students also viewed these Accounting questions