Question: Terms: Borrowed $30,000, by signing a 5 year installment note with 5% interest and annual payments of $6,929.24. Period Cash Payment Interest Expense Reduction of
Terms: Borrowed $30,000, by signing a 5 year installment note with 5% interest and annual payments of $6,929.24.
| Period | Cash Payment | Interest Expense | Reduction of Note Payable | Note Payable Balance |
|
|
|
|
| 30,000 |
| 1 | $ | $ | $ | $ |
| 2 | $ | $ | $ | $ |
| 3 | $ | $ | $ | $ |
| 4 | $ | $ | $ | $ |
| 5 | $ | $ | $ |
$ |
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