notes payable

JX B D E G Instructions: On January 1, 2018, Doofenshmirtz Evil Inc. issued a 6-year note of $350,000 at 7% to First Bank of Danville. Payments of interest 2 and principal are due annually on December 31st. Complete that table below. 3 S Facts: 6 Type 6-year note 7 Principal $350,000 8 Interest Rate 7% 9 Annual Payment $ 73,429 10 Payment due on June 30th each year 11 12 Payment Date Beg, Balance Payment 13 January 1, 2018 5 350,000 14 December 31, 2018 S 350,000 73,429 15 December 31, 2019 $ 350,000 $ 73,429 16 December 31, 2020 S 350,000 73,429 17 December 31, 2021 5 350,000 $ 73,429 10 December 31, 2022 $ 350,000 73,429 December 31, 2023 5 350,000 $ 73,429 Interest Principal Ending Balance $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 S 350,000 $ 350,000 There will be a 3 dollar rounding error $ 0 21 22 23 Interest Expense from 1/1/20 to 12/31/20 24 Total Interest Expense for 2020 25 Total Interest Payable at 12/31/2020 26 27 Notes Payable at 12/21/2020 28 Current Portion 29 Long-Term Portion 30 31 32 33 $ 350,000 $ 350,000