Homework Answers
| Issuance of Notes Payable | |||
| 01-Jan-12 | Bank A/c | Debit | $ 40,000.00 |
| Note payable A/c | Credit | $ 40,000.00 | |
| (being money received on note payable) | |||
| 1st Repayment | |||
| 31-01-2012 | Note payable A/c | Debit | $ 695.40 |
| Interest A/c | Debit | $ 300.00 | |
| Bank A/c | Credit | $ 995.40 | |
| (being monthly installment repaid) | |||
| 2nd Repayment | |||
| 28-02-2012 | Note payable A/c | Debit | $ 700.62 |
| Interest A/c | Debit | $ 294.78 | |
| Bank A/c | Credit | $ 995.40 | |
| (being monthly installment repaid) | |||
| Interest | Installment | Principal repayment | Closing balance | |
| 0 | $ 40,000.00 | |||
| 1 | $ 300.00 | $ 995.40 | $ 695.40 | $ 39,304.60 |
| 2 | $ 294.78 | $ 995.40 | $ 700.62 | $ 38,603.98 |
| 3 | $ 289.53 | $ 995.40 | $ 705.87 | $ 37,898.11 |
| 4 | $ 284.24 | $ 995.40 | $ 711.16 | $ 37,186.95 |
| 5 | $ 278.90 | $ 995.40 | $ 716.50 | $ 36,470.45 |
| 6 | $ 273.53 | $ 995.40 | $ 721.87 | $ 35,748.58 |
| 7 | $ 268.11 | $ 995.40 | $ 727.29 | $ 35,021.30 |
| 8 | $ 262.66 | $ 995.40 | $ 732.74 | $ 34,288.55 |
| 9 | $ 257.16 | $ 995.40 | $ 738.24 | $ 33,550.32 |
| 10 | $ 251.63 | $ 995.40 | $ 743.77 | $ 32,806.55 |
| 11 | $ 246.05 | $ 995.40 | $ 749.35 | $ 32,057.20 |
| 12 | $ 240.43 | $ 995.40 | $ 754.97 | $ 31,302.22 |
| 13 | $ 234.77 | $ 995.40 | $ 760.63 | $ 30,541.59 |
| 14 | $ 229.06 | $ 995.40 | $ 766.34 | $ 29,775.25 |
| 15 | $ 223.31 | $ 995.40 | $ 772.09 | $ 29,003.17 |
| 16 | $ 217.52 | $ 995.40 | $ 777.88 | $ 28,225.29 |
| 17 | $ 211.69 | $ 995.40 | $ 783.71 | $ 27,441.58 |
| 18 | $ 205.81 | $ 995.40 | $ 789.59 | $ 26,651.99 |
| 19 | $ 199.89 | $ 995.40 | $ 795.51 | $ 25,856.48 |
| 20 | $ 193.92 | $ 995.40 | $ 801.48 | $ 25,055.01 |
| 21 | $ 187.91 | $ 995.40 | $ 807.49 | $ 24,247.52 |
| 22 | $ 181.86 | $ 995.40 | $ 813.54 | $ 23,433.98 |
| 23 | $ 175.75 | $ 995.40 | $ 819.65 | $ 22,614.33 |
| 24 | $ 169.61 | $ 995.40 | $ 825.79 | $ 21,788.54 |
| 25 | $ 163.41 | $ 995.40 | $ 831.99 | $ 20,956.55 |
| 26 | $ 157.17 | $ 995.40 | $ 838.23 | $ 20,118.33 |
| 27 | $ 150.89 | $ 995.40 | $ 844.51 | $ 19,273.81 |
| 28 | $ 144.55 | $ 995.40 | $ 850.85 | $ 18,422.97 |
| 29 | $ 138.17 | $ 995.40 | $ 857.23 | $ 17,565.74 |
| 30 | $ 131.74 | $ 995.40 | $ 863.66 | $ 16,702.08 |
| 31 | $ 125.27 | $ 995.40 | $ 870.13 | $ 15,831.95 |
| 32 | $ 118.74 | $ 995.40 | $ 876.66 | $ 14,955.29 |
| 33 | $ 112.16 | $ 995.40 | $ 883.24 | $ 14,072.05 |
| 34 | $ 105.54 | $ 995.40 | $ 889.86 | $ 13,182.19 |
| 35 | $ 98.87 | $ 995.40 | $ 896.53 | $ 12,285.66 |
| 36 | $ 92.14 | $ 995.40 | $ 903.26 | $ 11,382.40 |
| 37 | $ 85.37 | $ 995.40 | $ 910.03 | $ 10,472.37 |
| 38 | $ 78.54 | $ 995.40 | $ 916.86 | $ 9,555.51 |
| 39 | $ 71.67 | $ 995.40 | $ 923.73 | $ 8,631.78 |
| 40 | $ 64.74 | $ 995.40 | $ 930.66 | $ 7,701.12 |
| 41 | $ 57.76 | $ 995.40 | $ 937.64 | $ 6,763.48 |
| 42 | $ 50.73 | $ 995.40 | $ 944.67 | $ 5,818.80 |
| 43 | $ 43.64 | $ 995.40 | $ 951.76 | $ 4,867.04 |
| 44 | $ 36.50 | $ 995.40 | $ 958.90 | $ 3,908.14 |
| 45 | $ 29.31 | $ 995.40 | $ 966.09 | $ 2,942.06 |
| 46 | $ 22.07 | $ 995.40 | $ 973.33 | $ 1,968.72 |
| 47 | $ 14.77 | $ 995.40 | $ 980.63 | $ 988.09 |
| 48 | $ 7.41 | $ 995.40 | $ 987.99 | $ 0.10 |
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