Mini Storage Company needed some long-term financing and arranged for a $100,000,
10-year mortgage loan on January 1,2010.The annual interest rate is 9%,with a payment of $15,582 made December 31 each year.
Required:
1.Complete the amortization schedule for the first TWO YEARS of the note.
2.Complete the table below for the first TWO YEARS of the note.Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Question

Mini Storage Company needed some long-term financing and arranged for a $100,000,
10-year mortgage loan on January 1,2010.The annual interest rate is 9%,with a payment of $15,582 made December 31 each year.
Required:
1.Complete the amortization schedule for the first TWO YEARS of the note.
  2.Complete the table below for the first TWO YEARS of the note.Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Quizplus · Accepted Answer

The Answer of Mini Storage Company needed some long-term financing and arranged for a $100,000,
10-year mortgage loan on January 1,2010.The annual interest rate is 9%,with a payment of $15,582 made December 31 each year.
Required:
1.Complete the amortization schedule for the first TWO YEARS of the note.
  2.Complete the table below for the first TWO YEARS of the note.Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Mini Storage Company Needed Some Long-Term Financing and Arranged for a $100,000