On April 1 Bailey Products borrowed 150 000 at 7
On April 1, Bailey Products borrowed $ 150,000 at 7 percent on a five-year installment loan. Annual payments are $ 36,583.60. How much of the first payment is principal and how much is interest? How much of the second payment is principal and how much is interest? Describe the cash inflows and out-flows associated with the note.
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