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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
On February 1, 2011, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 180 monthly payments of $1,330. Each payment includes an interest and a principal component.
a. |
Compute the interest expense in February. (Omit the "$" sign in your response.) |
Interest expense | $ |
b. |
Compute the portion of Willmar's March 31, 2011, $1,330 payment that will be applied to the principal of the note. (Round intermediate calculations and your final answer to the nearest dollar amount. Omit the "$" sign in your response.) |
Principal | $ |
c. |
Compute the carrying value of the note on April 30, 2011 (round to the nearest dollar). (Round intermediate calculations and your final answer to the nearest dollar amount. Omit the "$" sign in your response.) |
Â
Carrying value | $ |
Â
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