On January 1, 2016, Belden, Inc. issued long-term notes payable for $50,000. The note will be paid over 10 years with payments of $5,000 plus 12% interest due each January 1, beginning January 1, 2017. Prepare the amortization schedule for the first three payments.

Belden, Inc.

Amortization Schedule

PeriodPV                  PMT          Interest        Deduction     Net Liability

2017   $50,000.00  $11,000.00  $6,000.00    $5,000.00    $45,000.00

2018   $45,000.00 $10,400.00  $5,400.00    $5,000.00     $40,000.00  

2019   $40,000.00  $9,800.00  $4,800.00    $5,000.00     $35,000.00

Explanation:

a) Data and Calculations:

Long-terms payable = $50,000

Period of note = 10 years

First payment = $11,000 ($5,000 principal + $6,000 interest)

Interest rate = 12%

Long-term payable after January 1, 2017 = $45,000 ($50,000 - $5,000)

12% Interest on payable balance of $45,000 = $5,400

Second payment = $10,400 ($5,000 principal + $5,400 interest)

Long-term payable after January 1, 2018 = $40,000 ($45,000 - $5,000)

12% Interest on payable balance of $40,000 = $4,800

Third payment = $9,800 ($5,000 principal + $4,800 interest)

Long-term payable after January 1, 2019 = $35,000 ($40,000 - $5,000)

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