Question: On March 1, 2018, Mandy Services issued a 9% long-term notes payable for $21,000. It is payable over a 3-year term in $7,000 principal installments
On March 1, 2018, Mandy Services issued a 9% long-term notes payable for $21,000. It is payable over a 3-year term in $7,000 principal installments on March 1 of each year, beginning March 1, 2019. Each yearly installment will include both principal repayment of $7,000 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? O A $21,000 OB. $7,945 OC. $8,890 OD. $7,000
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