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ACCT 2100 Introduction to Financial Accounting Spring 2017 Chapter 9 Take Home Quiz Background: On December 1, 2016 you purchased furniture costing S5,000 for your new apartment from Carmody Interiors. Carmody has agreed to finance your purchase over 36 months, and has given you the following two payment options: Make 36 equal monthly payments beginning on January 1, 2017. The loan would be paid in full on December 1, 2019. Carmody would change 12% interest on the loan. Make 24 monthly payments beginning January 1, 2018. Carmody would accrue monthly interest on the loan from the date of sale. The loan would be paid in full on December 1. 2019. Carmody would change 12% interest on the loan. Required: 1. Calculate the monthly payments beginning January 1, 2017 under option 1 2. Calculate the monthly payments beginning January 1, 2018 under Option 2 3. Which of these two options would you choose assuming that you can easily make both sets of payments? Explain your reasoning 4. Record the journal entries necessary at December 1, 2016, December 31, 2016 and January 1 2017 under both options 5. Prepare an Excel spreadsheet to show how the monthly loan balance would change each month over the life of the loan under both options. Your spreadsheets should have the following column headings: Date, Payment, Interest Expense, Principal and Loan Balance. In order to receive credit for your answers, you must attach a copy of your Excel spreadsheet printed with the formulas showing (Show Formulas option)

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