Financial statements are audited in cycles and the advantages of audit cycle are numerous as it helps the auditor better understand the client's business and industry, it enables proper planning and as well as concentrate on critical area of the financial statements
What are the advantages to audit cycleThe cycle approach to auditing is an audit strategy where the financial statements are divided into several segments or cycles based on the nature of transactions and business operations. Each cycle is audited separately, and the auditor obtains an understanding of the controls and risks specific to that cycle. This approach enables the auditor to focus on the significant business processes that have the most significant impact on the financial statements.
The advantages of dividing the audit into different cycles are:
1. It allows the auditor to concentrate on the critical areas of the financial statements, reducing the risk of overlooking material misstatements.
2. It allows the auditor to plan the audit better by focusing on specific transactions and balances within each cycle.
3. It helps the auditor to better understand the client's business and industry by analyzing different business processes and transactions within each cycle.
4. It helps to minimize the disruption to the client's day-to-day operations by breaking the audit process into manageable segments.
The different cycles that are commonly used in the audit process are:
1. Sales and collection cycle
2. Acquisition and payment cycle
3. Payroll and personnel cycle
4. Inventory and warehousing cycle
5. Capital acquisition and repayment cycle
The general ledger accounts would ordinarily be assigned to the following cycles:
Sales: Sales and collection cycleAccounts payable: Acquisition and payment cycleRetained earnings: Capital acquisition and repayment cycleAccounts receivable: Sales and collection cycleInventory: Inventory and warehousing cycleRepairs and maintenance: Acquisition and payment cycle.Learn more on audit cycle here;
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How much of your "gross" income should you spend on your rent and housing
expenses?
OA. One third
OB. One fifth
OC. One half.
OD. Two thirds.
As a general rule, you want to spend no more than 30 percent of your monthly gross income on housing. If you're a renter, that 30 percent includes utilities, and if you're an owner, it includes other home-ownership costs like mortgage interest, property taxes and maintenance.
Last year, Kingston Inc. experienced the following results: Out of 2 million orders processed, 10,000 orders were delivered late, 15,000 orders were incomplete, 5,000 orders were damaged, 20,000 orders were billed incorrectly. These 50,000 failures were spread across 40,000 orders (some orders had multiple issues). What is the percentage of perfect orders
The percentage of perfect orders is computed at 98%
A proportional unit is a percentage. A percentage is a figure or ratio stated as a fraction of 100 in mathematics. Although the abbreviations "pct.", "pct.", and occasionally "pc" is also used, the percent symbol, "%," is frequently used to indicate it. A % is a number without dimensions and without a standard measurement. The ratio's numerical value is multiplied by 100 to obtain the percent value.
Calculation of percentage of perfect orders:
⇒ [(orders processed - failures) / orders processed] * 100
⇒ [(2,000,000 - 40,000) / 2,000,000] * 100
⇒ [1,960,000 / 2,000,000} * 100
⇒ (196 / 200) * 100
⇒ 0.98 * 100
Therefore, the percentage of perfect orders = 98%
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The title of the job you are seeking should be placed _____.
Answer: my cover letter
Explanation:
You borrow $50 for 1 year at 5% interest rate. What is the interest owed?
Answer:
i think it would be 100 dollars
Explanation:
you mulitpy original by 5 which comes out to 100
Total sales: $60,230 Rate of commission: 6% on first $40,000
7% on next $10,000;
8% on sales over $50,000
Income: ?
Answer:
1000000 wdnjdkdidhxh fdjjxifid
Which of these completes this statement to make it true? The constant growth model isA. always going to have assumptions that will hold true.B. able to be adjusted for stocks that don't expect constant growth without sizeable errors.C. only going to be appropriate for the limited number of stocks that just happen to expect constant growth.D. only going to be appropriate for the limited number of stocks that just happen to expect nonconstant growth.
The statement that completes this statement to make it true is:
The constant growth model is C. only going to be appropriate for the limited number of stocks that just happen to expect constant growth.
The constant growth model is a mathematical model that assumes that a company's dividends will continue to grow at a constant rate in perpetuity. This model is used to estimate the value of a company's stock. However, it is only appropriate for the limited number of stocks that just happen to expect constant growth, as not all companies will experience constant growth.
Companies that do not expect constant growth may experience fluctuations in their dividends, which can lead to errors in the constant growth model. Therefore, it is important to use the constant growth model only for stocks that are expected to have constant growth.
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Which of the following is a reason that driver/operators may need to determine the amount of water discharged from a solid stream nozzle? (194-195)
A. Determine cost of water per minute flowing
B. Verify that the nozzle discharges stamped amount
C. Calculate amount of foam solution to add to the nozzle
D. Test the water supply when a nozzle is attached to a hydrant
One reason that driver/operators may need to determine the amount of water discharged from a solid stream nozzle is to verify that the nozzle is discharging the stamped amount. This ensures that the nozzle is operating efficiently and effectively, and that the correct amount of water is being applied to the fire.
Another reason could be to calculate the cost of water per minute flowing, which can be important for budgeting and resource allocation purposes. Additionally, driver/operators may need to determine the amount of foam solution to add to the nozzle in order to create the desired foam solution mixture for extinguishing the fire. Finally, testing the water supply when a nozzle is attached to a hydrant may also require determining the amount of water discharged from the nozzle. By measuring the water flow rate, driver/operators can ensure that the water supply is sufficient to meet the needs of the firefighting operation.
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write a short response paragraph explaining how a credit score could contribute to keeping someone caught in a cycle of poverty
Answer:
A credit score is a numerical representation of a person's creditworthiness, which lenders use to determine their ability to repay loans. Unfortunately, people with low credit scores may find it difficult to access credit, which can make it challenging to obtain loans to start a business, purchase a home, or cover emergency expenses. This lack of access to credit can make it challenging for people caught in the cycle of poverty to break free, as they may not have the resources to address urgent financial needs or invest in income-generating opportunities. Additionally, without access to credit, they may turn to predatory lenders or high-interest credit cards, further perpetuating the cycle of poverty. Therefore, a low credit score can contribute to keeping someone caught in a cycle of poverty by limiting their financial options and making it difficult to improve their economic situation.
Explanation:
Which defines room and board? (1 point)
O housing and meals that are often provided at additional cost
O a school that provides training in a specific skill or trade
O an educational institution or establishment, in particular one providing higher education
O monetary support that is used to help pay educational costs
In contrast to a variety of non formal and informal methods of socialization, education is the field that is concerned with the methods of teaching and learning in schools or environments that resemble schools.
What differentiates knowledge from education?
Knowledge and education are not the same thing. Knowledge is what you know, while education is how you learn it. The facts and information you can remember and use is called knowledge. Education is how we learn new things.
Equity and equality in education, what do you mean?
A system of equality treats everyone the same without giving any consideration to their requirements or needs. As a result, equity is a situation in which every person, regardless of their individual differences, receives the same rights and opportunities.
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Answer:
O housing and meals that are often provided at additional cost
Explanation:
“Room” in Room and Board, meaning
The “room” part can be taken literally it’s basically your college bedroom
and Board refers to the meal plan meaning somewhere that supplies food.
Boom easy answer
What do you think were the main concerns with the Olympus two-door sports coupe? Is there a market for a two-seat, $32,000 sports car when the RX-8 sells for significantly less? Evaluate the role of the marketing mix in the Olympus introduction. What are some of the marketing strategies auto manufacturers use to stimulate sales of certain makes of automobiles?
The main concerns of the sports coupe is that
They did not carry out good research of the marketThey also did not research the people that would buy the product.There is no market for the two seat car given that it would be better if it was a market that people knew with a cheaper price.
2. What is the role of the marketing mix?The role of the marketing mix has to do with the combination of price and the product. These two did not match properly in order to be able to take care of the need of customers and expectations.
3. Some of the strategies would be the use of social media and search engines. This would help to create the awareness for their products and create traffic.
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_____ is when a person commits fraud and feels a low risk of getting caught. multiple choice Pressure Opportunity Rationalization Incentive
A person who commits fraud and feels a low risk of getting caught is opportunity.
What do you mean by fraud?Fraud refers to the wrongful deception intended that result in financial gain.
An opportunity is when a person commits fraud and feels a low risk of getting caught.
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_____ refers to Federal Reserve decisions that shape the economy by influencing interest rates and the supply of cash.
Monetary policy refers to Federal Reserve decisions that shape the economy by influencing interest rates and the supply of cash.
What is an Economy?This refers to the production, distribution, trade, and consumption of these goods in a given region.
Hence, we can see that monetary policy has to do with the decision that the Federal Reserve takes in order to change the economy and influences the demand, supply, price of money, and credit to meet a nation's economic objectives.
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What are the main factors taken into account when calculating residual?
When calculating residual, the main factors taken into account are the observed values, predicted values, and the overall mean of the dataset. The residual is the difference between the observed value and the predicted value for each data point. It helps in assessing the accuracy of a regression model.
The main factors that are taken into account when calculating residual are the actual values of the dependent variable, the predicted values of the dependent variable, and the mean value of the dependent variable. The residual is the difference between the actual value and the predicted value of the dependent variable. It is important to calculate the residual because it helps to assess the accuracy of the prediction model. By analyzing the residuals, it is possible to identify any patterns or trends in the data that were not captured by the prediction model.
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Why is Netflix's stocks going down?
Answer:
Netflix stock was falling sharply Wednesday after the streaming giant posted disappointing first-quarter earnings, prompting a flurry of price target cuts and critique from analysts.
Explanation:
Hope this helpes.
To move toward a personal vision, what smaller steps should you take?
A. Set smaller, more specific goals.
B. Participate in many internships.
C. Change your lifestyle.
D. Switch your personal vision frequently.
Answer:
D
Explanation:
If i get paid bi weekly how many paychecks in a year.
Answer:
52 paychecks
Explanation:
Because there is 52 weeks in a year.
-Hope This Helps!
-Justin:)
A registered representative is obligated to adhere to the prospectus delivery requirements of the Securities Act of 1933 when making a sale of A) a new issue of B-rated industrial revenue bonds to provide funding for a new facility for the Boomer Widgets Company. B) shares of the STU open-end investment company, a fund whose portfolio makeup is exclusively U.S. Treasury issues. C) shares of the XYZ closed-end investment company, a fund whose shares trade on the Nasdaq Stock Market. D) shares of the LMN S
Answer:
B) shares of the STU open-end investment company, a fund whose portfolio makeup is exclusively U.S. Treasury issues.
Explanation:
The Securities Act of 1933 requires that new securities must be recorded with the Securities and Exchange Commission (SEC). When registered representatives are offering stocks to their clients, they are required to adhere to the prospectus delivery if the IPO (initial public offering) or APO (additional public offering) after up to 90% of the event.
No IPO or APO is mentioned in the question, but only options A and B refer to securities that could have been recently issued. Since option A is about a municipal bond (industrial revenue bonds are considered municipal bonds), and municipal bonds are not included in the Securities Act of 1933, then we can eliminate that option.
The only possible option we have left is option B. Open end investment stocks are basically a constant IPO since every time an investor buys a stock, it is creating a new stock, e.g. when you invest in a mutual fund you are creating new mutual fund stocks. It doesn't matter if the mutual fund only invests in US treasuries.
Valerie is going to purchase a new car. The car she wants has a list price of $32,495. Valerie is planning to make a down payment of $1,877. Furthermore, she plans to trade in her current car, which is a 2006 Hyundai Sonata in good condition. She will finance the rest of the cost by making monthly payments over five years. She can finance the cost at a rate of 8. 64%, compounded monthly. She will also have to pay 8. 23% sales tax, a $2,243 vehicle registration fee, and a $314 documentation fee. If the dealer gives Valerie 87. 5% of the trade-in price on her car, listed below, approximately how much will Valerie pay in total for her new car? (Round all dollar values to the nearest cent, and consider the trade-in to be a reduction in the amount paid. ).
Valerie will pay $ 35,899.87 as the total cost of financing for the purchase of the new car which includes 60 loan payments amounting to $ 2,698.57 and the total loan interest is $513.57
What is the total cost of financing?The actual money you borrow in addition to the interest that you will have to pay is called the total cost of financing.
In this case, the Auto price is given $32,495
\(\rm loan\,term = \, 60\,months\,(12\times5)\\\\Interest\,rate =8.64\%\\\\Down\,payment = \$1,877\\\\Trade\,in\,value = \$ 28,433 ($32,495\times87.5\%)\\\\\rm\, Sales\,tax = 8.23\%\\\\Title\,,registration\,and\,other\,fees = $ 2,557( \$2,243+ \$314)\\\\Monthly pay : $44.98\\\\\rm\,Total\,loan\,amount = $2,185\\\\\rm\,Sales\,tax = $334.30\\\\\rm\,Upfront Payment = $ 4,768.30\\\\\)
A total of 60 loan payments is equal to $2,698.57, the total loan interest is equal to $513.57, and the total cost (price, interest, taxes, fees ) is equal to $35,899.87
Thus, Valerie has to pay $35,899.87 as the total amount for the purchase of the car.
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Gadgetbug, an electronic gadgets company, has established itself as one of the industry leaders. the company has been facing competition from new entrants. the new entrants offer gadgets in different colors, with compelling artwork embossed on the cases. seeing the interest in this market, gadgetbug introduced its own range of uniquely designed gadgets. in this scenario, gadgetbug's attempt to cater to the different segments of customers to deter competition demonstrates:
In this scenario, gadgetbug's attempt to cater to the different segments of customers to deter competition demonstrates: product proliferation.
What do you mean by product proliferation?When businesses sell numerous variants of the same product, product proliferation happens.Different color schemes, product sizes, and product applications can achieve this. The company benefits from diversification as a result of being able to take market share that is significant.Product proliferation is a strategy used by businesses to expand their product offerings in a market or submarket in order to saturate the market and reduce unmet demand.To know more about Product Proliferation visit the link below
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In a well-constructed paragraph, evaluate the significance of government to the economic well-being of the nation or people. Include 3 specific examples from the module to support your position and explain how each of them proves your point.
20 points: takes a position about the significance of the role of government
30 points: includes three examples from the module to support that position
30 points: thoroughly explains the connection between the examples and position on the role of the government
Explanation:
5.From which of the following, we get more sun's energy-
1 point
Eating other people
The importance of the government for the economic well-being of the nation and the people is to create public policies that encourage the creation of new businesses capable of generating jobs and increasing the quality of life.
Free market systemIt is an economic model that is based on greater freedom to conduct business, without government intervention. The free market is determined by the law of supply and demand.
Therefore, the free market system guarantees greater economic development in a country, heating up the economy, generating jobs and increasing the purchasing power and well-being of the population.
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Layoffs only happen to bad employees. Please select the best answer from the choices provided T F.
Layoffs are described as the suspension of employees. The above statement is false, that the layoffs only happen to bad employees because this may happen with any employees.
What are layoffs?A layoff is described as the act of an employer temporarily or permanently hanging or changing a worker, excluding an employee's real performance.
A layoff may occur to a determined worker whose occupation has been destructed because an employer has closed its operation or displaced.
Layoffs take place when an employer is compelled to block relations with its employees for justifications that are not subject to their execution.
Companies' failure or the decrease in production levels are common origins of big layoffs. It has zero to do with whether an employee is awful or not.
Therefore, The given statement is false.
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Answer:
False
Explanation:
Layoffs happen because a company can no longer afford to keep paying them, There is no relation between performance and layoffs
On July 1, Robles Metal Products had a beginning inventory of $505,700. During the quarter, goods costing $290,900 were manufactured. The inventory at the end of September was $485,300. During the quarter, Robles' net sales were $759,200. What was the cost of goods sold for the quarter? What was Robles's gross profit for the quarter?
Answer:
Instructions are below.
Explanation:
Giving the following information:
beginning inventory= $505,700
Cost of goods manufactured= $290,900
Ending inventory= $485,300
Net sales= $759,200.
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 505,700 + 290,900 - 485,300
COGS= $311,300
Now, we can determine the gross profit:
Gross profit= net sales - COGS
Gross profit= 759,200 - 311,300
Gross profit= 447,900
For MRF tyres, highlight any five differences between B2B
marketing and B2C marketing.
MRF Tyres is an Indian multinational tire manufacturer that produces a wide range of rubber goods and tyres for a variety of vehicles and purposes.
Below mentioned are the five differences between B2B marketing and B2C marketing in relation to MRF Tyres:B2B Marketing1. Target Audience: The target market is other firms and business owners.2. Decision-making Process: The decision-making process is generally longer and includes more people or departments.3.
Relationship-oriented: Marketing is generally built on long-term relationships with the client's company.4. Marketing Channels: They use professional channels to engage in marketing, such as trade shows and industry magazines.5. Price: Prices are usually higher for B2B customers, and they are frequently available only on a quote basis.B2C Marketing1.
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competing (power-forcing) style of conflict management in groups
The competing (power-forcing) style of conflict management in groups involves asserting one's own interests and goals above others.
The competing style is characterized by a high degree of assertiveness and low cooperativeness. Individuals who adopt this style focus on pursuing their own objectives and exerting power to win the conflict, often at the expense of others' interests. They may use aggressive tactics, assert authority, or employ persuasive techniques to assert dominance and achieve their desired outcomes. This style can be effective in situations where quick decisions or decisive actions are necessary, or when protecting one's rights or interests is paramount. However, it can also lead to strained relationships, resentment, and a lack of within the group. Effective conflict management in groups requires a balance of assertiveness and cooperativeness, with consideration given to the needs and perspectives of all involved parties.
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Three roads lead into a stadium's parking areas. Each road has four lanes (two in each direction) with a capacity of 1,000 vehicles/lane/hour. If 10,000 vehicles are expected for a game, how long will it take for all of them to enter the parking areas?
Answer:
Option A
Explanation:
The complete question is
Three roads lead into a stadium's parking areas. Each road has four lanes (two in each direction) with a capacity of 1,000 vehicles/lane/hour. If 10,000 vehicles are expected for a game, how long will it take for all of them to enter the parking areas?
a) 2 hours
b) 1 hour
c) 1 hour and 40 minutes
d) 90 minutes
Solution
There are four lanes.
Capacity of one lane is equal to 1,000 vehicles/lane/hour.
Let us say that each lane will provide access to equal number of vehicles
Thus, each lane will allow 10,000/4 = 2500 vehicles per hour
Time taken by 2500 vehicles on road to reach parking is equal to 2.5 hours.
The nearest answer to this option A i.e two hours
investments in debt securities that the investor intends to hold until the funds are needed for a business expansion are classified as:
Investments in debt securities that the investor intends to hold until the funds are needed for a business expansion are classified as "held-to-maturity" securities.
This type of securities are long-term investments that are expected to be held until their maturity date that refers to the one year from the balance sheet date.
These investments are reported on the balance sheet and any interest income earned is recognized over the life of the security.
The intention to hold the securities until funds are needed for a specific purpose. These purposes are business expansion and so on. That bought and sold for short-term gains or liquidity purposes.
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100 points! PLEASE HELP. DO NOT SKIP THIS!
PLEASE DON'T DO FUNNY BUSINESS HERE.
You are now familiar with government and how it plays a role in our economy. Using what you learned in the lesson, describe two advantages and two disadvantages of governmental involvement. What changes would you make to improve government’s role?
You can say answers other than-
there are more restrictions
Answer:
There are many advantages of government intervention such as even income distribution, no social injustice, secured public goods and services, property rights and welfare opportunities for those who cannot afford. Whereas, according to some economists the government intervention may also result in few disadvantages.
I would try to remove corruption
Explanation:
Plz mark brainliest thanks
Answer:
(Disadvantages)
Government and political interference may lead to poor management.
-Operation in large scale may lead to diseconomies of scale arise.
(Advantages)
-Protecting the safety and health of the public and the environment.
-Offering consumers increased safety when choosing products.
Explanation:
Stop trying to legislate morality. Where we get tripped up is in the conversation about "beliefs". We have been stuck in fights that keep our country in a holding pattern. It is not only detrimental to our unity, it undermines our ability to concentrate on areas that need it.?
Date Units Amount Per Unit January 2" 13 $20.00 January 7th 17 January 12th 22 $18.00 $16.00 1) Assume the company is using the FIFO perpetual method of inventory and we had a sale on January 9th. We sold 15 units at $30 dollars a unit. Please make the journal entry for the sale and how much gross profit did this sale have. 2) Assume the company is using the FIFO periodic method of inventory and on January 15th we had 14 units on hand. Please make the journal entry to record sales and how much gross profit did we have assuming we sold all units at $30. 3) Assume the company is using the LIFO periodic method of inventory and on January 15th we had 14 units on hand. Please make the journal entry to record sales and how much gross profit did we have assuming we sold all units at $30. 4) Assume the company is using the LIFO perpetual method of inventory and we had a sale on January 9th. We sold 15 units at $30 dollars a unit. Please make the journal entry for the sale and how much gross profit did this sale have.
The gross profit, we need to know the cost of goods sold, which is determined by the inventory method (FIFO, LIFO, or average cost) and the cost of the units on hand.
Assuming the company is using the FIFO perpetual method of inventory:
Journal Entry for the Sale:
Date: January 9th
Accounts Receivable $450.00 (15 units * $30/unit)
Sales $450.00 (15 units * $30/unit)
Cost of Goods Sold $300.00 (15 units * $20/unit)
The gross profit for this sale can be calculated as the difference between the sales revenue and the cost of goods sold:
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = $450 - $300
Gross Profit = $150
Therefore, the gross profit for this sale is $150.
Assuming the company is using the FIFO periodic method of inventory:
Journal Entry for the Sale:
Date: January 15th
Accounts Receivable $420.00 (14 units * $30/unit)
Sales $420.00 (14 units * $30/unit)
To calculate the gross profit, we need to know the cost of goods sold, which is determined by the inventory method (FIFO, LIFO, or average cost) and the cost of the units on hand.
Assuming the company is using the LIFO periodic method of inventory:
Journal Entry for the Sale:
Date: January 15th
Accounts Receivable $420.00 (14 units * $30/unit)
Sales $420.00 (14 units * $30/unit)
To calculate the gross profit, we need to know the cost of goods sold, which is determined by the inventory method (FIFO, LIFO, or average cost) and the cost of the units on hand.
Assuming the company is using the LIFO perpetual method of inventory:
Journal Entry for the Sale:
Date: January 9th
Accounts Receivable $450.00 (15 units * $30/unit)
Sales $450.00 (15 units * $30/unit)
Cost of Goods Sold $320.00 (15 units * $16/unit + 0 units * $18/unit)
The gross profit for this sale can be calculated as the difference between the sales revenue and the cost of goods sold:
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = $450 - $320
Gross Profit = $130, Therefore, the gross profit for this sale is $130.
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A customer needs to attach a
A. credit report
to a customer authorization form
Eric, after listening to you talk about surpluses, investing and being smart with money, is thinking about how much he would save in interest on his car loan if he paid $50 dollars extra each time he paid his car note. To get this information, eric would need what type of schedule to show him the impact of his extra payments?.
Eric needs an amortization schedule to show him the impact of his extra payments.
Explain amortization schedule.A table that displays a mortgage's regular payments over time is called an amortization schedule. You can keep track of how much is still owed on your mortgage and determine how much goes to interest by using a mortgage amortization plan.
Amortization is the process of repaying debt in a series of regular payments. Each payment has a principal portion that goes toward the loan balance and an interest portion. The amount put toward the principal increases progressively month after month as the debt amortizes. You can see how much money you pay in principal and interest over time in an amortization schedule.
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