Question
On Oct.31, 20X1, Havert Company incurs a 20-year $500,000 mortgage liability in conjunction with the purchase of a factory. This is payable in equal monthly
On Oct.31, 20X1, Havert Company incurs a 20-year $500,000 mortgage liability in conjunction with the purchase of a factory. This is payable in equal monthly installments of $5,000 which include interest computed at an annual rate of 9%. The first monthly payment is made on November 30, 20X1. This mortgage is fully amortizing over 240 months.Round.
How would I calculate the principal repayment for the first and second payment.
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Financial Accounting A Business Process Approach
Authors: Jane L Reimers
2nd Edition
131473867, 978-0131473867
