On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a

Question

On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 80 monthly payments of $1,410. Each payment includes an interest and a principal component. e in February b. Compute the portion of Willmar's March 31 payment that will be applied to the principal of the note. (Round your intermediate calculations and final answer to the nearest dollar amount.) c. Compute the carrying value of the note on April 30. (Round your intermediate calculations and final answer to the nearest dollar amount.) Answer is complete but not entirely correct. Interest expense 1,000 424 97,737 a. b. Principal c Carrying value

Explanation / Answer

C.

Loan Amount 100000 Installment 1410 less:Interst For Feb 1000 Loan will be reduced by 410 99590 Installment March 1410 less:Interst For Mar 995.9 Principal 414.1

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