[The following information applies to the questions displayed below] Tony\'s fav

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[The following information applies to the questions displayed below] Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzle jogged along a nature trall and came across a wonderful Place of property for sale. He turned to Suzle and said, Tve always wanted to Kart a camp where families could get away and spend some quality time together. If we Just had the money. I know this would be the perfect place." They called several banks and on January 1, 2014, Great Adventures obtained $420.000.6% 13 year installment loan from Summit Bank. Monthly payments of $3.884 are required at the end of each month over the life of the 13 your loan. Each month payment of $3,884 Includes both Interest expense and principal payments; (i.e., reduction of the loan amount.) Late that night Tory exclaimed. '$420,000 for our now camp, this has to be the best news over" Suzle snuggled close and said."There's something else i need to tell you, Tony. I'm expecting" They decided right then. If It win a boy. they would name him Venture value 10.00 points Required: Complete the first three rows of an amorization table (Round your final answers to the nearest dollar amount Omit the '$' sign In your response.)

Explanation / Answer

Loan Amount =            420,000 Interest Rate= 6% Interest Per month =6/12= 0.500% Amortization Table Date   Cash Paid Interest Expense Decrease in Caryying Value Carrying Value 1/1/04.        420,000 1/31/14.                3,884                    2,100               1,784        418,216 2/28/14.                3,884                    2,091               1,793        416,423

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