What is the amount and journal entry required? The Note was borrowed on February 1, 2019 and

What is the amount and journal entry required?

 

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The Note was borrowed on February 1, 2019 and holds interest of 3%. Interest is accrued and not paid at the end of each month (N/12). The first annual principle payment, $1,600, is due in the month of June. The Note was borrowed on February 1, 2019 and holds interest of 3%. Interest is accrued and not paid at the end of each month (N/12). The first annual principle payment, $1,600, is due in the month of June.