Green Box Inc. issues a $750,000, 11%, 15-year mortgage note. The terms provide for annual installment...
Green Box Inc. issues a $750,000, 11%, 15-year mortgage note. The terms provide for annual installment payments of $89,025. What is the remaining unpaid principal balance of the mortgage payable account after the first annual payment?
Homework Answers
Answer
--Installment amount = $ 89,025
--First year Interest Expense = $ 750,000 x 11% = $ 82,500
--Principal amount paid with installment = $ 89025 - 82500 = $ 6,525
--Remaining unpaid principal balance of the mortgage payable
account after the first annual payment
= $ 750000 - 6525
= $ 743,475
Answer
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