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2. Calculate the amount of interest and principal paid in each month based on the history of borrowing and payments on the line of credit. Using that information, find the outstanding balance as of that date. Assume that interest accrues over the course of the month. So, for example, any outstanding balance on January 1 has accrued one month of interest on February 1. Date $ Borrowed January 1 February 1 March 1 April 1 May 1 June 1 July 1 August 1 September 1 12,500 11,450 14,675 0 11,980 0 7,290 0 Interest $ Repaid Interest Paid Principal Paid Rate 8% 8% 7% 7% 7% 796 7% 8% 996 0 O 21,500 0 8,000 4,650 0 0 Outstanding Balance

2. Calculate the amount of interest and principal paid in each month based on the history of borrowing and payments on the line of credit. Using that information, find the outstanding balance as of that date. Assume that interest accrues over the course of the month. So, for example, any outstanding balance on January 1 has accrued one month of interest on February 1. Date $ Borrowed January 1 February 1 March 1 April 1 May 1 June 1 July 1 August 1 September 1 12,500 11,450 14,675 0 11,980 0 7,290 0 Interest $ Repaid Interest Paid Principal Paid Rate 8% 8% 7% 7% 7% 796 7% 8% 996 0 O 21,500 0 8,000 4,650 0 0 Outstanding Balance

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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2. Calculate the amount of interest and principal paid in each month based on the history of borrowing and payments on the line of credit. Using that information, find the outstanding balance as of that date. Assume that interest accrues over the course of the month. So, for example, any outstanding balance on January 1 has accrued one month of interest on February 1. Date $ Borrowed $ Repaid January 1 February 1 March 1 April 1 May 1 June 1 July 1 August 1 September 1 October 1 November 1 December 1 12,500 11,450 14,675 0 11,980 0 0 7,290 0 0 0 0 Interest Rate 8% 8% 7% 7% 7% 7% 7% 8% 9% 9% 10% 9% 0 0 0 21,500 0 8,000 4,650 0 0 0 20,000 6,350 Interest Paid Principal Paid Outstanding Balance
Transcribed Image Text:2. Calculate the amount of interest and principal paid in each month based on the history of borrowing and payments on the line of credit. Using that information, find the outstanding balance as of that date. Assume that interest accrues over the course of the month. So, for example, any outstanding balance on January 1 has accrued one month of interest on February 1. Date $ Borrowed $ Repaid January 1 February 1 March 1 April 1 May 1 June 1 July 1 August 1 September 1 October 1 November 1 December 1 12,500 11,450 14,675 0 11,980 0 0 7,290 0 0 0 0 Interest Rate 8% 8% 7% 7% 7% 7% 7% 8% 9% 9% 10% 9% 0 0 0 21,500 0 8,000 4,650 0 0 0 20,000 6,350 Interest Paid Principal Paid Outstanding Balance
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