Question: Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $90,000 with time to maturity of 6

Computing Installment Payment on Note Payable On January 1, 2020, a

Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $90,000 with time to maturity of 6 years. The interest rate is 79 and equal annual installment payments will pay off the loan after six years. a. How much is each annual installment payment? Note: Do not use a negative sign with your answer. Note: Round your answer to the nearest whole dollar. $ 32,131 b. Record the first installment payment on December 31, 2020. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. Dec 31, 2020 Cash Cash Cash

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