Acompany issues a $200,000, 5%, six-year note on january 1, 2021. if the monthly payment is $3,220.99, by how much will the carrying value decrease when the first month’s payment is made on january 31, 2021?

multiple choice

$833.33

$4,054.32

$3,220.99

$2,387.66

$2,387.66

Explanation:

For computing the carrying value, first we have to determine the interest which is shown below:

Interest = Issues amount × rate of months × (number of months ÷ total number of months in a year)

= $200,000 × 5% × (1 month ÷ 12 months)

= $833.33

And, the monthly payment is $3,220.99

Now the decrease in carrying value would be

= Monthly payment - interest

= $3,220.99 - $833.33

= $2,387.66

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