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On January $1,2024,$ Oriole Corp. borrows $$16,800$ by signing a $3-$year, $6\%$ note payable. The note is repayable in three annual fixed principal payments on December $31$ of each year.

Calculate the annual principal payment.

Annual principal payment

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Attempts: $2$ of $2$ used

Question Part Score

$\frac{2}{2}$

$($b$)$

Prepare an instalment payment schedule for the note.

Period

Cash payment

Interest Expense

Reduction of Principal

Jan. $1,2024$

Dec $31,2024$

Dec $31,2025$

Dec $31,2026$