Question: Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed:

Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed:

Assad Inc. issued a five-year, 6% instalment note payable, with fixed principal

? (a) Fill in the missing amounts. Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $30,000 $7,800 24,000 2 7,440 1,440 1,080 720 360 4 6,720 6,000 6,360

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