Question: Can someone explain installment notes? Question 36 0 / 4.5 pts On Jan. 1, 2022, a company purchased land for $250,000 by signing a 10-year,

Can someone explain installment notes?

Question 36 0 / 4.5 pts On Jan. 1, 2022, a company purchased land for $250,000 by signing a 10-year, 9% installment note. The company will make monthly payments of $3,166.89 at the end of each month. Total monthly payments on the note are $380,027 (120 payments X $3,166.89). How much will the company pay for interest over the term of the note? Enter numeric answers without dollar signs (e.g., enter $5,000.48 as 5,000.48 or 5000.48). You Answered 155,026.8 Correct Answers 130,027 (with margin: 0)

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