On March 1, 2018, Mandy Services issued a 9% long - term notes payable for $15,000. It
Fantastic news! We've Found the answer you've been seeking!
Question:
On March 1, 2018, Mandy Services issued a 9% long - term notes payable for $15,000. It is payable over a 3 -year term in $5,000 principal installments on March 1 of each year, beginning March 1, 2019. Each yearly installment will include both principal repayment of $5,000 and interest payment for the preceding one - year period. What is the amount of total cash payment that Mandy will make on March 1, 2019?
A. $5,675 I r0
B. $6,350 0
C. $15,000
D. $5000
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date: