question archive 1) CM Company borrowed P 2 000 000 from a bank on June 30, 2015
1) CM Company borrowed P 2 000 000 from a bank on June 30, 2015
Subject:AccountingPrice: Bought3
1) CM Company borrowed P 2 000 000 from a bank on June 30, 2015. The loan has an annual interest rate of 10% and the principal is payable at the end of every quarter amounting to P 25 000. The first quarterly payment will be on September 30, 2015. Prepare an amortization schedule for 2015 until the loan is fully paid on June 30, 2017. How much interest expense is incurred in 2015 and 2016 with respect to this loan?
