Dan Dayle started a business by issuing an $80,000 face-value note to First State Bank on January
Question:
Dan Dayle started a business by issuing an $80,000 face-value note to First State Bank on January 1, Year 1. The note had an 8 percent annual rate of interest and a five-year term. Payments of $20,037 are to be made each December 31 for five years.
Required
a. What portion of the December 31, Year 1, payment is applied to
(1) Interest expense?
(2) Principal?
b. What is the principal balance on January 1, Year 2?
c. What portion of the December 31, Year 2, payment is applied to
(1) Interest expense?
(2) Principal?
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Dayle Company Amortization Schedule 80000 5Yr Term Note 8 Interest Rate Year Prin Bal on Jan ...View the full answer
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Related Book For 
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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