A man borrows S195,500 from a bank with interest at 7% compounded annually.He agrees to pay his obligations by paying 8 equal annual payments, the first being due atthe end of 10 yearh. Find the annual payments.S60,203b. S60,3544. $60,487d. S60,589e. $60,758

Loan Amount= $195500 Rate of Interest (r) = 7% Amount payable at the end of 10 years…

Answered: A man borrows S195,500 from a bank with…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
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On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
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A man borrows S195,500 from a bank with interest at 7% compounded annually. e agrees to pay his obligations by paying 8 equal annual payments, the first being due at se end of 10 yearn. Find the annual payments. a S60,203 b. S60,354 4. $60,487 d. S60,589 e. S60,758