Question: Curtain Company borrowed 10 000 at 9 for seven years The
Curtain Company borrowed $10,000 at 9% for seven years. The loan requires annual payments of $1,986.91. When Curtain Company makes the first annual payment at the end of the first year of the loan, how much of the payment will be interest and how much will reduce the principal of the loan?
Answer to relevant QuestionsOn July 1, 2006, Maxine’s Equipment Company signed a long-term note with the local bank for $50,000. The term of the note was 10 years, at an annual interest rate of 8%. If Maxine’s makes annual payments of $7,451.47, ...A company has gross payroll of $30,000; federal income tax withheld of $6,000; FICA (social security) taxes withheld of $1,860; and Medicare taxes withheld of $435.1. How much will the balance sheet show for salaries payable ...On December 31, 2009, Alejandro Enterprises issued $25,000 worth of 5% bonds at 99. These are 10-year bonds with interest paid annually on December 31.1. What are the interest payments for the first two years?2. Was the ...Jamison Corporation issued $100,000, 8%, 10-year bonds on January 1, 2012, when the market rate of interest was 10%. Proceeds were $87,710.87. Interest is payable annually on January 1. Jamison uses the effective interest ...The Decadent Ice Cream Company signed a $250,000, 15-year, 9% note payable to finance the expansion of its business on January 1. The terms provide for semiannual payments of $15,350 on June 30 and December 31. Use the ...
Post your question