Answer:
Following are the solution to the given question:
Explanation:
The Principle value [tex]= \$ \ 215.05[/tex]
The Interest value [tex]= \$ \ 70[/tex]
The Total Interest value[tex]= \$ \ 70[/tex]
The Balance [tex]= \$ \ 3284.95[/tex]
If Janet received a year-end bonus that enables her to pay $285.05 during January 2022, the line of the amortization schedule for January 1, 2022, will look like this:
Date Payment Principal Interest Balance
$3,500.00
01/01/2022 $285.05 $215.05 $70 $3,284.95
This amortization schedule uses an annual interest rate of 24%.
Interest Expense = $70 ($3,500 x 24% x 1/12)
Principal Repayment = $215.05 ($285.05 - $70)
Thus, the amortization schedule will show that Janet has an outstanding balance of $3,284.95.
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