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this is worth 50 points, please correct me if im wrong Terms: Borrowed $30.000, by signing a 5 year installment note with 5% interest and
this is worth 50 points, please correct me if im wrong
Terms: Borrowed $30.000, by signing a 5 year installment note with 5% interest and annual payments of $6,929.24 Period Cash Payment Interest Expense Reduction of Note Payable Note Payable Balance 30,000 1 2 4 What would be the amount of interest expertise for the 1st period? O 2.515.000 Ob 5125 31.500 Od 5750 Refer to the table above, what would be the cash payment for the 2nd payment? O a. 51.228.54 Ob.$1,500 OC $5.429.24 d.$6.929.24 QUESTION 9 Refer to the table above, what would be the amount applied to paying of the principal balance for the 3rd payment? O 2.512,884.31 6.55.985.74 C$6.929.24 Od.$5,429.24 Refer to the table above, what would the balance of the note payable be after the Sth payment? O a. $6.599.28 O b. 50.00 C 56.929.24 O d. $329.96 QUESTION 11 For debt paid through installments: d. The amount of each payment applied to interest increases the further in time the payments are made. Ob The amount of each payment applied to interest decreases the further in time the payments are made. O c The amount of each payment applied to principal stays the same throughout the loan term. Od. The payment amount decreases the further in time the payments are madeStep by Step Solution
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