Abstract
Accountants are frequently called upon to use their financial and analytical skills to assist other professionals. In this case, you will take on the role of an accountant called upon to assist an attorney who is providing free legal advice to a client. The case, based on actual events, involves inappropriate amortization by a lender of a 15-year installment note. Additionally, the borrower missed multiple payments and made extra payments attempting to “catch-up.” After 22 years, the borrower is still making payments and wonders when payoff will be achieved. This case provides you the opportunity to review and correct an amortization schedule for an installment note, thereby gaining an understanding of the impact of compounding interest and missed payments on the life of the note. Additionally, the case provides the opportunity to communicate your findings in a memo to a professional who is not an accountant.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
