Question
The following partial amortization schedule is available for a $750,000, five-year, 10% note signed on January 1, 2020. Payments are $15,935 per month and begin
The following partial amortization schedule is available for a $750,000, five-year, 10% note signed on January 1, 2020. Payments are $15,935 per month and begin on February 1, 2020.
| LOAN AMORTIZATION SCHEDULE |
| Payment Dates | Monthly Payment | Interest Expense | Reduction of Principal |
| Loan Balance |
| January 1, 2020 |
|
|
|
| $750,000 |
| February 1, 2020 | (i) | (ii) | (iii) |
| (iv) |
Which of the following amounts should be shown in cell (iv)?
| A. | $750,000 | |
| B. | $734,065 | |
| C. | $740,315 | |
| D. | $743,750 |
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The Audit Process Principles Practice And Cases
Authors: Stuart Manson, Iain Gray, Iain G. Sheffield, I.H. Gray, I. Etal Gray
2nd Edition
1861520107, 9781861520104
