Question

On January 1, 2014, Hatch Co. borrowed $270,000 cash from First Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of $67,623. Payments are to be made December 31 of each year, beginning December 31, 2014.

Prepare an amortization schedule for the interest and principal payments for the four-year period. (Enter all amounts as positive values. Round intermediate calculations and final answers to nearest whole dollar amount.)

On January 1, 2014, Hatch Co. borrowed $270,000 cash from First Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of $67,623. Payments are to be made December 31 of each year, beginning December 31, 2014.

 



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