Question

15 of 50 You're ready to make the last of four equal, annual payments on a $1,000 loan with a 10% interest rate. If the amount of the payment is $315.47, how much of that payment is accrued interest? a. $315.47 b. $100.00 c. $28.68 d. $31.55

Name: 15 of 50 youre ready to make the last of four equal annual payments on a 1000 loan with a 10 interest rate if the amount of the payment is 31547 how much of that payment is accrued interest 56407
Uploaded: 2023-05-26T11:13:36-08:00
Duration: 2 min 5 s
Channel: Oluwadamilola Ameobi
Description: 15 of 50 youre ready to make the last of four equal annual payments on a 1000 loan with a 10 interest rate if the amount of the payment is 31547 how much of that payment is accrued interest 56407

          15 of 50
You're ready to make the last of four equal, annual payments on a $1,000 loan with a 10% interest rate. If the amount of the payment is $315.47, how much of that payment is accrued interest?
a. $315.47
b. $100.00
c. $28.68
d. $31.55

15 of 50 youre ready to make the last of four equal annual payments on a 1000 loan with a 10 interest rate if the amount of the payment is 31547 how much of that payment is accrued interest 56407

Added by Celia M.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Oluwadamilola Ameobi

05/26/2023

Step 1

The loan is $1000 with a 10% interest rate, and the annual payment is $315.47. Year 1: Interest = $1000 * 0.10 = $100 Payment = $315.47 Principal paid = $315.47 - $100 = $215.47 Balance = $1000 - $215.47 = $784.53 Year 2: Interest = $784.53 * 0.10 = $78.453 ≈ Show more…

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15 of 50 You're ready to make the last of four equal, annual payments on a $1,000 loan with a 10% interest rate. If the amount of the payment is $315.47, how much of that payment is accrued interest? a. $315.47 b. $100.00 c. $28.68 d. $31.55